India attracts $10 billion under RBI's deposit scheme
pre-market1 source ↓written by the desknot a recommendation
- through the Reserve
- $10 billion
- deadline
- 30 Sep 2023
India has drawn in nearly $10 billion through the Reserve Bank of India's special deposit programme aimed at overseas Indians. This initiative supports efforts to bolster FX reserves and stabilize the rupee. Following a recent clarification, banks can now lend against these deposits, enhancing the programme's attractiveness. 📈
• Zero-cost foreign-exchange swap facility introduced
• Majority of inflows expected by 30 Sep 2023 deadline
• Increased leverage options for banks
This influx may positively impact the rupee's performance in the near term.
Not investment advice. For informational purposes only.