Banks rushed to borrow a record Rs.1.92 trillion from the the Reserve Bank of India (RBI) on Thursday as the cash deficit in the banking system widened. Liquidity has dried up mainly because of RBI’s dollar sales from the market to support the local currency that was losing its value fast against the dollar. RBI, between September and December, sold $12.5 billion (around Rs.61,500 crore today) in the market to stop a rapid depreciation of the rupee. Besides, it also sold close to $3 billion in the forward markets…..
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