FCNR deposits attract ₹1.45 lakh crore inflow for India
pre-market1 source ↓written by the desknot a recommendation
- in foreign exchange
- $20.72 billion
- approximately
- $17.5 billion
- by mid-July
- ₹1.45 lakh crore
The Reserve Bank of India has successfully mobilized $20.72 billion in foreign exchange, with FCNR deposits contributing nearly $17.5 billion (approximately ₹1.45 lakh crore) by mid-July. This influx is expected to provide a significant buffer against currency volatility and global crude oil shocks, potentially stabilizing the rupee against the dollar. 📈
This development has surprised global brokerages, alleviating concerns over attracting dollar deposits amid high US interest rates and tight liquidity.
Not investment advice. For informational purposes only.