RBI to suck out Rs 22k cr a week to help prop up Re

With the rupee continuing to lose value — it hit a lifetime intra-day low of 61.81 to the dollar on August 6 – the Reserve Bank of India (RBI) on Thursday announced more measures aimed at arresting the fall in the currency. The central bank will suck out R22,000 crore of liquidity every week by selling cash management bills (CMBs), it said in a release on Thursday. This is in addition to regular R15,000 crore auction of government securities conducted every week.

Read Full Story>>