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The Economic Times
The Economic Times
National

RBI likely used dollar deposit surge to cut record FX forward book, economists say

RBI Citi HDFC Bank IDFC First Bank India

MUMBAI: The Reserve Bank of India has likely used part of ​the initial inflows from its foreign-currency ​deposit drive to unwind a portion of its massive foreign ​exchange forward book, economists said, helping the central bank reduce near-term obligations.

The RBI's package of measures aimed at supporting the rupee attracted more than $20 billion as of July 17, with more than ‌four-fifths coming from ⁠foreign ⁠currency non-resident (FCNR) deposits mobilised by banks.

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