bank level and restricting it to 0.5% of the bank’s own NDTL
August 8: To bring stability in the currency market, the RBI decided to sell Rs 22,000 crore of Cash Management Bills every week to drain out liquidity from the system.
IMPACT: The rupee has failed to strengthen and continued to remain volatile despite various RBI measures. It plunged to an intra-day low of 61.80 earlier in the week and closed at an all-time closing low of 61.30 on Wednesday amid huge demand for dollar. The RBI has been selling dollars to prop up the rupee but the currency has remained weak.