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The Reserve Bank of India committed to buying 1 trillion rupees (about US$13.4 billion) of government bonds in the first quarter of fiscal 2021/22 through its G-SAP 1.0 programme. The rupee slid over 1.5% to 74.56 per dollar on the announcement day, its biggest daily drop in a while, as analysts saw the purchases as expanding money supply.
The bond-buying programme raises liquidity and money growth, which analysts see as pressure for a weaker rupee and higher USDINR. This affects the cost of dollar-priced imports for Indian buyers.
forexcrunch.comFX StreetApr 13, 2021Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
