MUMBAI (Aug 1): Steps by India's central bank to draw more capital flows into the country and support the rupee have brought in US$40.81 billion, according to data released on Saturday.
The Reserve Bank of India (RBI) in June announced a series of foreign exchange measures, including concessional hedging facilities and swap arrangements, to encourage overseas fundraising by state-run firms, banks and through foreign currency non-resident deposits.
Here are the details of the inflows so far:
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The RBI said it received US$36.7 billion via Foreign Currency Non-Resident (FCNR) deposits raised by banks. Lenders are permitted to swap these deposits with the central bank under a zero-cost hedging facility open until the end of September.
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It said US$1.5 billion had been raised via swap facilities for External Commercial Borrowings and US$2.57 billion through Overseas Foreign Currency Borrowings undertaken by authorised lenders. This window is open until the end of the year.
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SBI Economic Research expects US$65 billion to US$70 billion in FCNR deposits and inflows from both schemes at US$80 billion to US$85 billion.
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