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[SITUATION] · [ACTIVE]
2 clusters · 5 sources · 17 days · First seen · Last updated
Categories: BUSINESS
India RBI strengthening foreign reserves
Entities: Public sector banks · State Bank of India · Sanjay Malhotra · Reserve Bank of India · Dr Soumya Kanti Ghosh
Overview
In early July 2026, India's foreign exchange reserves rose modestly, reaching $674.19 billion after a weekly gain of $7.26 billion. The increase was driven by a $4.51 billion rise in foreign currency assets and a $2.67 billion boost in gold holdings, while Special Drawing Rights and the RBI’s IMF position also edged higher.
Later in July, the Reserve Bank of India introduced a concessional swap facility aimed at attracting Foreign Currency Non‑Resident (Bank) deposits. By mid‑July, banks had mobilised roughly $20 billion under the scheme, with $17.4 billion coming from FCNR(B) deposits. The RBI expects the program to draw $65‑70 billion in new deposits by the end of September, bringing total foreign inflows to $80‑85 billion. Officials say the inflows will reinforce the balance of payments and help stabilise the rupee amid external pressures.
Timeline
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about 8 hours ago
[BUSINESS] 3 sourcesIndia's RBI mobilises $65‑70bn in FCNR(B) deposits to bolster rupeeIndia’s RBI scheme is poised to draw $65‑70 bn in FCNR(B) deposits, surpassing 2013 levels in 45 days, aiming to bolster the rupee and balance of payments.
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17 days ago
[BUSINESS] 2 sourcesIndia's foreign exchange reserves climb to $674.2 billionIndia's foreign exchange reserves rose by $7.26 billion to $674.19 billion in the week to July 3, led by gains in foreign currency assets and gold, RBI data shows.
Sources
bhaskarlive.in · m.businesstoday.in · news18.com · newsable.asianetnews.com · socialnews.xyz