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<h1>Central bank swap operation to ease liquidity and curb FX premiums amid reserve decline and capital outflows.</h1> The Reserve Bank's planned three year buy/sell USD swap operation is described as a liquidity management measure to ease a tightening domestic liquidity position and bring FX premiums down; market participants are advised that exporters may sell and importers may buy around upticks and dips. This intervention is set against recent indicators-declining forex reserves and overseas portfolio outflows-that amplify external liquidity pressures and exchange rate volatility.