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Economy Aug 8, 2013

RBI unveils new steps to drain cash to curb rupee volatility

The Reserve Bank of India announced on Thursday new measures to drain cash from the financial system in a bid to address volatility in currency markets, following up on a slew of steps announced last month.



The central bank will auction Rs 22000 crore of government cash management bills every Monday, it said in a statement, without specifying for how many weeks the sales would last.

The duration of cash management bill sale will be announced one day before the auction, it said.

The rupee closed at 60.88/89 per dollar on Thursday, compared with 61.30/31 on Wednesday.


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