MUMBAI, Dec. 23 -- In a surprise move, the Reserve Bank of India (RBI) on Tuesday said it will ramp up liquidity operations next week and in January with large-scale open market operations (OMOs) of Rs.2 trillion and a dollar-rupee buy/sell swap auction of $10 billion, amid tight systemic liquidity and sustained pressure on the rupee

The intervention, double the size of similar operations announced earlier in December, comes as liquidity conditions are expected to remain stretched going into the new year.

The rupee, which traded at Rs.89.61 to a dollar on 1 December, fell to Rs.90.17 two days later and closed at Rs.90.95 on 16 December. The domestic currency ended at Rs.89.6 on Tuesday.

After reviewing prevailing liquidity and financia...