India’s rupee gained as the central bank garnered $136 billion under its capital-raising measures, far exceeding expectations and further boosting its war chest to defend the currency.
The rupee strengthened as much as 0.7% to 94.2713 per dollar on Thursday, its highest level in more than a month. The pair is trading below its 100-day moving average, with traders forecasting more gains as sentiment receives a boost from the massive inflows.
The Reserve Bank of India late Wednesday said lenders collected about $127 billion of dollar deposits through foreign currency non-resident (bank) FCNR (B) deposits in less than three months till the scheme closed on August 31, the Reserve Bank of India (RBI) said.
The inflows from two other programs were at $9.15 billion. The combined haul surpasses the $80 billion estimate provided by RBI Governor Sanjay Malhotra just last month.
