RBI’s forex swap facility draws over $136 billion; more than $127 billion mobilised via FCNR (B) deposits

The foreign exchange inflows — via via Foreign Currency Non-Resident (Bank) FCNR (B) Deposits, Overseas Foreign Currency Borrowings (OFCBs) and External Commercial Borrowings (ECBs) — under Reserve Bank of India’s (RBI) swap facility has crossed $136 billion, surpassing all projections.

This is expected to provide a major relief to the Indian rupee by swelling India’s foreign exchange reserves. 

A total of $1,36,377 million has been mobilised, as per data released by the RBI. This includes $1,27,226 million through FCNR (B) deposits, $5,260 million through OFCBS and $3,891 million through ECB. 

The RBI had introduced a special USD-INR forex swap facility covering these instruments on June 8 this year to deal with forex outflows due to high oil prices and flight of capital owing to exit of Foreign Portfolio Investors (FOIs) from the stock market. The rupee had come under pressure when these measures were announced. With these inflows, the rupee has recovered partially. 

The FCNR(B) deposits scheme which was originally open till September 30, 2026, was advanced to close on August 31, 2026, due to unexpected inflows. 

The ECBs and OFCBs schemes will remain open up to December 31, 2026.