......The outlook for liquidity in August is benign. RBI pays dividend to the government in August and this will find its way to the system. The budgeted dividend expected from the RBI is around `23,000 crore. Credit is unlikely to pick up in August as the busy season starts in October. The central bank’s intervention in the currency forward markets, which is around $10 billion, comes up for maturity starting September 2012. It’s confident that liquidity will not be heavily affected as the forward contracts come up for maturity in a staggered manner. September is when liquidity is likely to face some stress on advance tax outflows and maturity of RBI swaps. However......
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