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<h1>Rupee reacts after RBI cuts repo rate and announces large OMO purchases plus a USD 5bn buy sell swap to boost liquidity.</h1> The central bank cut the policy repo rate, announced open market purchases of government bonds up to Rs. 1 lakh crore and a three year USD/INR buy sell swap of USD 5 billion as liquidity measures intended to restore durable liquidity and reduce abnormal volatility, while stating it does not target a specific rupee level.