Topic
capital inflows
Finance Inflow Boost: Foreign Deposits and Swaps Draw $20.7 Billion in 40 Days, RBI Reports
The Reserve Bank of India reported that $20.7 billion has been raised through its concessional swap facility for FCNR(B) deposits, OFCBs, and ECBs as of July 17, nearly double initial estimates. The scheme, announced June 5 and operational from June 8, aims to boost the balance of payments. Bankers expect total mobilisation of $80-85 billion by the window's close.
Finance Indian Rupee Strengthens 43 Paise to 94.97 on Lower Oil Prices and FII Inflows
The Indian rupee strengthened by 43 paise to 94.97 against the US dollar, recording its sharpest single-session gain in three weeks, supported by Saudi Arabia's $11/barrel cut in August crude oil prices for Asia, FII net equity purchases of Rs 243.03 crore, and improved global risk sentiment. The currency opened at 95.33 and traded in a 94.94-95.37 range before closing near 94.95. Broader market indicators showed Brent crude at $72.9/barrel and the dollar index at 100.96.
Finance FM Sitharaman Calls Bond Market Reforms 'First Step,' Signals More Measures to Boost Foreign Capital Inflows
Finance Minister Nirmala Sitharaman described recent measures to attract foreign capital as the 'first step,' indicating further actions are under consideration. The government expanded the Fully Accessible Route for government bonds and granted tax exemptions to foreign portfolio investors, while the RBI introduced swap facilities for FCNR(B) deposits and ECBs. India's forex reserves fell by $711 million to $681.61 billion, and rising global fertiliser prices add to external sector strains.
Finance Rupee Strengthens as RBI Unveils Measures Amid Middle East Tensions
The Indian rupee appreciated by 50 paise to 95.24 against the US dollar following the RBI's announcement of measures to attract foreign capital. These steps aim to bolster India's balance of payments and support the rupee amid Middle East tensions.