{
  "id": 9481650,
  "title": "RBI said to conduct at least $10 billion FX swaps to drain cash",
  "url": "https://urgent.news/2026/09/24/rbi-said-to-conduct-at-least-10-billion-fx-swaps-to-drain-cash",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-09-24T03:57:03.000Z",
  "source": {
    "name": "Hindu BusinessLine",
    "slug": "hindu-businessline",
    "url": "https://www.thehindubusinessline.com/money-and-banking/rbi-said-to-conduct-at-least-10-billion-fx-swaps-to-drain-cash/article71502676.ece"
  },
  "original_language": "en",
  "account": "The Reserve Bank of India (RBI) has reportedly conducted currency swaps worth at least $10 billion in recent weeks to curb excess liquidity in the financial system and mitigate inflation risks, according to individuals familiar with the matter. The sell-buy swaps, involving maturities ranging from one month to approximately six months, were conducted with financial institutions over the past two weeks. In these transactions, the RBI sells dollars to banks in exchange for rupees, with the agreement to reverse the deal at a later date. This action effectively drains rupee liquidity from the system. The recent rates on dollar-rupee contracts maturing in three months to six months have risen, reflecting the central bank's actions. The RBI's recent swaps are larger than previous steps publicly announced, likely due to the significant cash surplus being addressed. Typically, the RBI conducts public swap auctions in tranches of around $3 billion to $5 billion. A spokesperson for the central bank declined to comment on the matter.",
  "summary": "RBI’s recent swaps reflect the scale of cash surplus the central bank is currently tackling",
  "key_points": [
    "RBI conducted $10 billion FX swaps to reduce excess liquidity",
    "Swaps involved maturities from 1 month to 6 months",
    "Rates on dollar-rupee contracts rose, reflecting central bank action"
  ],
  "editors_take": "The Reserve Bank of India's recent large-scale currency swaps signal a stepped-up effort to manage excess liquidity and inflation risks, departing from its typical public auction approach.",
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}