The central bank injected 36.16 billion rupees through an overnight auction and 70 billion rupees for 7 days through a term auction of printed money.

By October 25, excess liquidity deposited in the central bank’s standing facility was 193.4 billion rupees, up from 138 billion rupees a month earlier.

By offering 40 billion rupees to all comers as low as 8.27 percent (just 2 pips above the floor rate) where only 36 billion rupees were bid, the monetary authority prevented overtrading market participants from borrowing at its 9.25 percent standing facility and encouraged them to trade without deposits at even lower rates.