Special swaps rake in $143.5 billion in forex inflows: FCNR(B) scheme leads with $133 billion

Banks in India have mobilized a significant amount of foreign currency through a special RBI scheme, with total inflows reaching $143.5 billion by September 18. The Foreign Currency Non-Resident (B) deposit scheme, or FCNR(B), has led the way with $133 billion in deposits. This is a major increase from a similar scheme in 2013, where inflows were just a fraction of this amount. The increased dollar inflows will likely support the Indian economy, but rising global bond yields may impact future borrowing through other means.

Why it matters

The special forex swap window has attracted significant inflows, which could help stabilize the rupee. This, in turn, could boost investor confidence and support the Indian economy.

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