RBI’s forex swap window draws $72.85 billion inflows till August 21
By August 21, the Reserve Bank of India's special forex swap window had garnered $72.85 billion in foreign exchange inflows, as confirmed by authorized dealer banks reporting to the central bank. FCNR(B) deposits comprised the largest share of these inflows, totaling $65.397 billion, followed by Overseas Foreign Currency Borrowings at $4.86 billion and External Commercial Borrowings at $2.591 billion.
The RBI prematurely closed the facility on August 31 due to an "encouraging response" to the measure aimed at bolstering forex liquidity and supporting the rupee. Radhika Rao, Senior Economist at DBS Bank, suggested that the high hedging costs were likely not a binding factor, with the funds raised sufficient to strengthen the Balance of Payments.
Written by urgent.news from The Indian Express's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
Also reported by 4 other outlets
- RBI Forex Swap Scheme Attracts $72.85 Billion Inflows, FCNR(B) Deposits Account For Lion’s Share freepressjournal.in
- India gets $72.8 billion in dollar inflows under RBI swap facility economictimes.indiatimes.com
- Data on Forex inflows via FCNR(B) Deposits, External Commercial Borrowings (ECBs) and Overseas Foreign Currency Borrowings (OFCBs) under Reserve Bank’s Swap facility rbi.org.in
- RBI forex swap facility attracts $72.85 billion inflows as of August 21 business-standard.com
