MARKET NEWS
Dollar deposits push India's forex reserves to fresh record for week ended August 28 - REUTERS
India’s central bank has received more than $136 billion through foreign-exchange schemes introduced in June to attract overseas funding and support the rupee.
RBI Introduces Discounted Hedging Facilities
In June, India introduced discounted hedging facilities for overseas borrowings by state-owned companies and banks.
It also introduced a free-of-cost hedging facility for banks raising foreign-exchange deposits overseas.
Between June 5 and August 31, the Reserve Bank of India received more than $136 billion through the schemes.
Of that amount, approximately $127 billion came from non-resident Indian (NRI) deposits, accounting for the overwhelming majority of the inflows.
