business ๐ฆ RBI forex swap pulls in $73 billion
The RBI's USD-INR forex swap facility has successfully mobilized $73 billion in foreign exchange inflows. This massive inflow was primarily driven by $65.4 billion in FCNR(B) deposits from non-resident Indians in India. The facility, launched on June 8th, saw a strong response, leading the RBI to move the FCNR(B) window closure to August 31st. This surge boosts India's external-sector resilience amidst global market volatility. The mobilization now surpasses the scale of the RBI's 2013 FCNR(B) swap scheme.