Mumbai, Dec 8 (PTI) The Reserve Bank on Monday announced it will conduct a USD/INR buy-sell swap auction of USD 5 billion (about Rs 45,000 crore) on December 16 to inject liquidity.

The swap is in the nature of a simple buy/sell foreign exchange swap from the Reserve Bank side, the central bank said.

A bank will sell US dollars to the Reserve Bank and simultaneously agree to buy the same amount of US dollars at the end of the swap period.

"...the Reserve Bank will be conducting a USD/INR Buy/Sell swap auction of USD 5 billion for a tenor of thirty-six months" on December 16, the central bank said in a statement on Monday.

Under the swap auction, the minimum bid size would be USD 10 million and in multiples of USD 1 million thereafter.

Besides, the RBI will also conduct an open market

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