New Delhi, March 5 -- The Reserve Bank of India (RBI) announced on Wednesday, March 5, that it will conduct open market purchases of government securities and undertake USD/INR swaps totalling about Rs.1.9 lakh crore during the month. On February 28, the central bank conducted a US dollar-rupee swap worth $10 billion to inject long-term liquidity into the country's banking system.

Following a review of current and evolving liquidity conditions, the RBI said it will conduct OMO (open market operation) purchase auctions of Government of India securities for an aggregate amount of Rs.1,00,000 crore in two tranches of Rs.50,000 crore each to be held on March 12 and March 18.

It added that a USD/INR Buy/Sell Swap auction of $10 billion for a...