RBI forex swap window draws $143.59 bn, FCNR(B) deposits lead inflows
The Reserve Bank of India's (RBI) forex swap window attracted $143.596 billion in foreign currency inflows by September 18, with Foreign Currency Non-Resident (Bank) deposits accounting for the majority of the mobilisation. The facility, introduced on June 8, aimed to encourage fresh foreign currency inflows, strengthen the country's external buffers, and support domestic liquidity.
FCNR(B) deposits, which can be maintained by non-resident Indians and other eligible individuals in designated foreign currencies, mobilised $132.98 billion under the facility. The RBI closed the window for fresh FCNR(B) deposits a month ahead of schedule on August 31, citing an encouraging response.
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