Reserve Bank of India (RBI) on 8 August 2013 announced that it will sell the government bonds every Monday to check upon the volatility in the foreign exchange market. The government bonds notified for being sold worth 22000 crore rupees.
The Reserve bank has taken several steps since June 2013 to contain the volatility in the foreign exchange market. The decision of selling the bonds is also a part of the measures taken by the RBI to arrest the weakening of rupees.
The duration of the auction will be announced one day prior to the date of auction.