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Rupee Rises, But Liquidity Tells a Different Story—Inside RBI’s July 21 Operations

Updated: July 22, 2025 09:22

Image Source : News Arena
The rupee began slightly stronger at 86.2450 against the US dollar on July 22, 0.06 percent above the last close of 86.2925. The appreciation indicates bullish caution in the background of tight liquidity and aggressive central bank intervention in the market.
 
Key Takeaways of RBI's July 21 Operations:
  • Overall impact of banks' holding of cash was Rs 9.37 trillion
  • There was no surplus cash for auction by government, indicating firm budgetary positioning
  • RBI rolled over Rs 65.11 billion to inject shortterm liquidity
  • Banks borrowed Rs 107.50 billion under the Marginal Standing Facility, which reflects demand for overnight money
Market Implications:
  • The absence of surpluses in state treasuries means thrifty expenditure or astute reserve management
  • Large MSF borrowings are a sign of banks' shortterm liquidity stress
  • Rupee's modest appreciation reflects market confidence in RBI's balancing act despite global headwinds
Prospects:
With liquidity pressures still on and the rupee strong, institutions and traders will watch RBI's next move towards currency stability and management of fiscal flows eagerly.
 
Source: Reuters

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