India forex inflows hit $143.6 billion via swap facility
India's central bank attracted $143.6 billion in foreign exchange inflows as of Sept. 18 via a concessional swap facility introduced in June to support the rupee. Foreign currency non-resident (FCNR(B)) deposits accounted for $132.98 billion of the total by Aug. 31. External commercial borrowings and overseas foreign currency borrowings also contributed.
6 billion in inflows under its forex swap facility as of September 18, data released on Monday showed. Here are some more details: In June, the Reserve Bank of India introduced a set of measures, including concessional hedging facilities and swap arrangements aimed at attracting foreign currency to shore up the rupee, which fell to record lows earlier this year. 98 billion as of August 31, after the window was closed earlier than planned following robust inflows. 30 billion, RBI said.
Borrowings raised via ECBs and OFCBs will continue to be eligible under the swap facility until December 31 In times of currency stress, India has often relied on its diaspora for dollar deposits, offering subsidies on hedging costs as an incentive. The scheme was last used in 2013 and attracted about $26 billion. com;)