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India's central bank said it will undertake US dollar sell/buy swaps to provide liquidity in the foreign exchange market and stands ready to take all measures required to mitigate the risks posed by the spread of coronavirus.
The Reserve Bank of India decided to undertake six-month US Dollar sell/buy swaps, the bank said in a statement on Thursday. The swaps will be conducted through the auction route in multiple tranches.
Due to risk aversion caused by the spread of the covid-19 infections, all asset classes see high volatility, with emerging market currencies experiencing downside pressures.
"The Reserve Bank of India is closely and continuously monitoring the rapidly evolving global situation and spillovers," the bank said.
"It stands ready to take all necessary measures to ensure that the effects of the COVID-19 pandemic on the Indian economy are mitigated, and financial markets and institutions in India continue to function normally," RBI added.
