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India's central bank to conduct sale, purchase of government securities

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India's central bank to conduct sale, purchase of government securities

India's central bank said it will conduct another simultaneous purchase and sale of government securities under special open market operations for 100 billion Indian rupees each Dec. 30.

The Reserve Bank of India will purchase 100 billion rupees in aggregate amount of 6.45% government securities due 2029 and sell the same amount of securities due 2020 that carry rates of between 6.65% and 8.27%.

Earlier in December, the bank announced its first simultaneous sale and purchase of the same securities for the same amounts.

Both operations follow "a review of the current liquidity and market situation and an assessment of the evolving financial conditions" in India, the central bank said.

As of Dec. 25, US$1 was equivalent to 71.42 Indian rupees.