India boosts efforts to drain surplus cash as dollar flows swell

Excerpt from BusinessLine
The Reserve Bank of India (RBI) has stepped up efforts to drain excess liquidity as a surge in foreign-currency inflows swells cash in the financial system. The RBI will conduct a 15-day variable rate reverse repo (VRRR) auction worth ₹6 lakh crore ($62.9 billion) on August 31, according to a statement on Friday. Over…Read the original at BusinessLine
Key takeaways
- Category: Economy.
- Flagged as a high-impact, market-moving story.
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