Mumbai, July 8 -- The Reserve Bank of India (RBI) on Tuesday said it will conduct an overnight variable rate repo (VRR) auction for a notified amount of Rs 25,000 crore on July 8. The auction will take place between 9:30 am and 10:00 am on Wednesday, and the funds will be reversed on July 9, according to the RBI's notification. "On a review of current and evolving liquidity conditions, it has been decided to conduct a Variable Rate Repo (VRR) auction on Wednesday, July 8," the RBI said in a release.

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