India’s central bank, Reserve Bank of India has received $22.7 billion till date under its special concessional window to encourage banks to bring in dollars through non-resident Indian deposits and overseas borrowings. Through this window, the RBI wants banks to bring in safe money to fund the IndiaÂ’s current account deficit.
The fiscal inflows on this account have helped prop up the rupee, which has strengthened to about 62.50 to the dollar now against the late August level of 68.50. In a bid to stem the rupeeÂ’s downslide, the central bank had on September 4 announced the special concessional window for swapping foreign currency non-resident (bank) deposits and overseas foreign currency borrowings.
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