The Reserve Bank of India has accepted $5.135 billion in USD/INR sell-buy swap auction conducted on Tuesday against the notified amount of $5 billion.
Last month, the RBI had announced to undertake a USD/INR two-year sell/buy swap auction of $5 billion.
In today's auction, the total amount bid by participants was $13.565 billion, the RBI said in a release.
The central bank received 246 bids but accepted 86 bids in the auction, the release said. The bid to cover ratio was 2.71.
Under the sell-buy swap auction, a bank buys U.S. dollars from the Reserve Bank and simultaneously agrees to sell the same amount of U.S. dollars at the end of the swap period.
