RBI’s Dollar Swap Signal: How India’s Central Bank Used Liquidity Strategy to Defend Stability

At a time when the Indian rupee was approaching psychologically sensitive lows and global uncertainty was intensifying, the Reserve Bank of India’s USD 5 billion USD/INR buy-sell swap auction on 26 May 2026 emerged as far more than a routine foreign exchange operation. It was a calibrated macro-financial intervention designed to achieve multiple objectives simultaneously:…

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A Steady Hand in a Shifting Market: The Treasury Philosophy of Harsimran Singh Sahni

In an environment where India’s fixed-income markets are undergoing structural transition, treasury functions across financial institutions are being forced to adapt in real time. Few practitioners reflect this shift more clearly than Harsimran Singh Sahni, Executive Vice President and Head of Treasury at Anand Rathi Global Finance Limited, who has spent more than 15 years…

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