Swap windows set to bring $25 bn by November: FinMin
13 Nov 2013 12:02 AM GMT
The Finance Ministry expects inflows of $25 billion by November end through forex swap windows opened by the Reserve Bank of India (RBI) to attract deposits from non-resident Indians and allow banks to borrow overseas.
"Till 30 November, our (FCNR-B) window is open. We might even touch $25 billion," Economic Affairs secretary Arvind Mayaram told reporters said.
Until Monday, the RBI had received $17.5 billion through the special windows for swapping foreign currency non-resident (bank) deposits and overseas foreign currency borrowings by banks.
Both were started on 4 September to prop up the rupee, which had fallen almost 30 per cent between April and August.
"Till 30 November, our (FCNR-B) window is open. We might even touch $25 billion," Economic Affairs secretary Arvind Mayaram told reporters said.
Until Monday, the RBI had received $17.5 billion through the special windows for swapping foreign currency non-resident (bank) deposits and overseas foreign currency borrowings by banks.
Both were started on 4 September to prop up the rupee, which had fallen almost 30 per cent between April and August.
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