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The Economic Times

Business

India's $127 billion NRI deposits arm gives RBI more firepower, setting rupee up for rally

RBI India US Federal Reserve

The Indian rupee is set to add to its recent rally on Thursday after a massive $127 billion mobilisation through foreign-currency non-resident bank deposits far exceeded market expectations, bolstering the central bank's capacity to support the currency.

The rupee is expected to open in the 94.30 to 94.35 range against the U.S. dollar, per traders, ‌having settled ⁠at 94.97 ⁠on Wednesday.

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