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The Economic Times
The Economic Times
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Rajeswari Sengupta

FCNR(B): Has RBI bought forex stability at too high a cost?

RBI GoI

RBI's FCNR(B) scheme has been lauded for attracting $132 bn. But is the amount attracted the right measure of success?

Without doubt, the scheme has had two positive outcomes. It has bolstered RBI's forex reserves, which rose from $682 bn when the scheme was launched on June 5, to $785 bn on September 4. It has also helped strengthen the rupee. In May, the rupee appeared headed towards ₹100 to the dollar. Since then, it has stabilised in a range of ₹94-96 to the dollar.

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