RBI Forex Swap Draws $136 Billion Inflows, FCNR(B) Bring Over $127 Billion

By NDTV Profit

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India's special USD-INR forex swap facility drew $136.4 billion in foreign-currency inflows by Aug. 31, with FCNR(B) deposits accounting for about 93% of the total, according to provisional data from the Reserve Bank of India. FCNR(B) deposits brought in $127.2 billion, while overseas foreign-currency borrowings contributed $5.26 billion and external commercial borrowings $3.89 billion. The figures are subject to final reporting, accounting and reconciliation, the RBI said. The scale of inflows accelerated sharply in the final days of the FCNR(B) window. The Finance Ministry said on Aug. 24 that the facility had attracted $73 billion as of Aug. 21, including $65.4 billion through FCNR(B) deposits. The RBI introduced the facility on June 8 covering FCNR(B) deposits, overseas foreign-currency borrowings and external commercial borrowings. The FCNR(B) window closed Aug. 31, while the other two channels remain open until Dec. 31. #rbi #news #dollar For more videos subscribe to our ch

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