RBI's $57B Forex Bonanza: How a Special Window Broke Records and Shook Up the Rupee

$56.85 billion. That's how much Indian banks raised under the RBI's special swap window for FCNR(B) deposits from non-resident Indians, so fast that the central bank has decided to pull the plug early, moving the deposit deadline to August 31.

Money Moves

• RBI closes the window early — Inflows crossed the $56.85 billion mark, prompting the RBI to shorten the FCNR(B) swap facility timeline due to the overwhelming response from NRIs.
• **Banks rush...