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via economictimes.indiatimes.comEconomy

Wary of RBI, banks back off from forex swap deals

FROM THE WIRE · ECONOMICTIMES.INDIATIMES.COM

The banks, using the easy rupee liquidity created after the inflow of deposits from the diaspora, bought dollars and invested the funds in US Treasury bills to earn higher returns. The transaction involved a buy-sell swap, where banks purchased dollars in the spot market and…

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MARKET IMPACTNEUTRAL✦ News Impact agent estimateTone: neutralBanks retreating from forex swaps may affect the rupee and capital flows.AI-generated summary
✦ IN BRIEF · AIAI-generated summary
  1. 01Banks have scaled back dollar swap transactions.
  2. 02The funds were invested in US Treasury bills.
  3. 03US government paper yields have risen over the past three months.

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