RBI raises $72.8B via USD-INR swaps, $65.4B from nonresident Indians
Business
The RBI has pulled in a massive $72.8 billion through its special USD-INR swap scheme since June 8, with $65.4 billion coming just from FCNR(B) deposits by nonresident Indians (NRIs).
That's more than double what was raised in a similar drive back in 2013.
RBI closes FCNR(B) window August 31
Thanks to this surge, the RBI is closing the FCNR(B) window early, now ending August 31 instead of September 30.
After the new deadline was announced, deposits spiked by $13.1 billion in just eight days as NRIs hurried to make the most of it.
Nomura even thinks total foreign exchange inflows could hit $90-100 billion, showing strong NRIs' trust in India's banking system right now.