RBI Injects $5.8 Billion Cash as Borrowing Costs Top Policy Rate

India’s central bank injected short-term cash into the financial system on Wednesday, as monthly tax payments drove overnight rates higher.

The authority added 500 billion rupees ($5.8 billion) via a two-day repurchase auction, it said in a statement. The cutoff rate was 5.53%, and the central bank received bids totaling 719 billion rupees, it said.