π° RBI secures massive dollar haul for national buffer
India successfully mobilized about $73 billion in foreign currency through special RBI measures in under 11 weeks. This massive influx primarily came via FCNR(B) deposits from NRIs with Indian banks. The primary goal is to strengthen India's foreign currency reserves, not immediately push up the rupee's value. Dollars are being absorbed by the central bank, not flooding the open market for exchange. This builds a crucial external buffer against future global economic shocks. π‘οΈ