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The dollar swap auction pumped in $650 million out the $2 billion targeted.

With these two moves, the banking system will have cash injection of nearly Rs 60,000 crore.

RBI received bids for $16.3 billion versus $5 billion in the last round.

Dollar-swap auctions is used by the Reserve Bank of India as a tool to inject rupee liquidity.

The central bank will conduct the auction on April 23.

The RBI received bids for $16.3 billion versus $5 billion in its maiden dollar-swap auction.

The local currency on Tuesday strengthened by 10 paise to end at 68.86 against the US dollar.

Banks would be required to park dollar funds with RBI with a deal to buy it back from the RBI after three years.