India Economy Weekly: RBI's $136B NRI Haul Meets $100 Oil — A Tug-of-War for the Rupee

India's non-resident Indians just delivered the central bank's biggest ammunition stash ever. RBI's special FCNR(B) swap windows pulled in a staggering $136.3 billion by end-August, with $127 billion alone from foreign-currency non-resident deposits — a program that massively overshot expectations. The haul instantly rewired India's forex reserves calculus and gave RBI a far longer leash to defend the rupee.

But the money bonanza...