{
  "id": 4658511,
  "title": "India's RBI FX forward book hits record $136.7 billion on surging overseas deposits",
  "url": "https://urgent.news/2026/08/31/indias-rbi-fx-forward-book-hits-record-136-7-billion-on-surging",
  "topic": "business",
  "section": "Business",
  "published": "2026-08-31T14:26:05.000Z",
  "source": {
    "name": "Business Recorder",
    "slug": "business-recorder",
    "url": "https://www.brecorder.com/news/40437250/indias-rbi-fx-forward-book-hits-record-1367-billion-on-surging-overseas-deposits"
  },
  "original_language": "en",
  "account": "Mumbai witnessed a record high in the Reserve Bank of India's foreign exchange forward position in July, reaching $136.7 billion. This surge was primarily driven by a spike in overseas deposits following the central bank's efforts to encourage dollar inflows and stabilize the rupee. The July figure represented a significant increase of approximately $33 billion compared to the previous month, surpassing the previous peak of $106.6 billion observed in May.\n\nA key instrument in attracting these overseas deposits was the foreign currency non-resident (FCNR) deposits scheme. This program enabled commercial banks to exchange dollar proceeds generated from non-resident Indians with the central bank at no cost. Such deposits constituted the majority of the overseas funds mobilized by banks, accounting for $65.4 billion out of the total $72.8 billion received through the various initiatives up to August 21. By July 31, FCNR(B) deposits had contributed $36.7 billion to the $40.8 billion in foreign exchange inflows mobilized under these measures.\n\nThe increase in FCNR(B)-related flows was evident in the maturity profile of the central bank's foreign exchange forward book. The liability associated with FCNR(B) swaps maturing beyond one year rose to $91.5 billion in July, up from $64.2 billion in June. This growing exposure in the central bank's balance sheet reflects the bank's efforts to bolster India's forex reserves through these measures.",
  "summary": "MUMBAI: The Reserve Bank of India’s foreign exchange forward position climbed to an all-time high of $136.7 billion in July, fuelled by a surge in overseas deposits following the central bank’s measures to attract dollar inflows and support the rupee. The July figure marked an increase of about $33 billion from June and comfortably eclipsed the previous high of $106.6 billion hit in May. A key…",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}