The Reserve Bank of India (RBI) has announced a $10 billion forex swap aimed at infusing liquidity into the Indian rupee. This decision comes in response to a recent decline in India's foreign exchange reserves, which fell by $2.5 billion due to aggressive dollar sales by the RBI. The forex swap is intended to stabilize the rupee and enhance liquidity in the financial system. Meanwhile, the Central Bank of Argentina (BCRA) reported a significant drop in reserves, despite purchasing $506 million in foreign currency. The BCRA's reserves faced their largest weekly decline in February, attributed to debt payments and the use of dollars in Brazil. The BCRA is also expanding the use of dollars by financial institutions, allowing them to lend in dollars to individuals and businesses with peso-denominated incomes. In February, the BCRA's net purchases totaled $1.367 billion, while dollar loans increased by $380 million, indicating a complex interplay of factors affecting the liquidity and reserves in both countries.