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1. Regulatory Updates
1.1. India
Reserve Bank of India (RBI)
1.1.1. RBI to inject liquidity via three-year USD/INR
buy/sell swap auction
The Reserve Bank of India (“RBI”)
will conduct a USD/INR buy/sell swap auction for USD 5 billion
(United States Dollars Five Billion only) with a tenor of 36
(thirty-six) months to inject long-term liquidity into the banking
system. The auction, scheduled for December 16, 2025, will have the
near leg or spot date on December 18, 2025, and the far leg on
December 18, 2028. Authorised Dealer Category–I
(“AD Category–I”) banks will be
eligible to participate and must submit bids in terms of the swap
premium, quoted in paisa up to two decimal places, in a
multiple-price auction where successful bids are accepted at their
respective premiums and pro-rata allocation may apply at
