India Draws Massive $72.85 Billion Through RBI Swap Window
What Happened
RBI said forex inflows under its special USD-INR swap facility reached $72.85 billion as of August 21. The largest contribution came from FCNR(B) deposits, which brought in $65.4 billion, while Overseas Foreign Currency Borrowings (OFCBs) contributed $4.86 billion and External Commercial Borrowings (ECBs) added $2.59 billion.
Key Takeaways
The strong response to RBI's swap scheme has significantly boosted foreign currency inflows, with FCNR(B) deposits accounting for nearly 90% of total inflows, helping strengthen India's forex position ahead of the August 31 deadline for the deposit window.