Rupee weakens as RBI shortens forex swap deadline
after close1 source ↓written by the desknot a recommendation
- was moved
- 31 Aug
- 30 Sep
The rupee weakened as the RBI unexpectedly shortened the deadline for its discounted forex swap facility for non-resident deposits, raising concerns over future dollar inflows. The cutoff for the zero-cost hedging facility for FCNR(B) deposits was moved to 31 Aug from 30 Sep. Despite this, foreign-exchange reserves rose to a four-month high of $707 billion.
Not investment advice. For informational purposes only.