The Reserve Bank of India collected $127.23 billion in foreign currency deposits through its concessional swap facility launched in June 2026. The amount collected far exceeded the initially expected $50 to $60 billion. These deposits, originating from non-resident Indians in the United States, the United Kingdom, Singapore, Hong Kong and the Middle East, pushed India’s foreign exchange reserves to approximately $729 billion. The central bank covered the full hedging costs against currency risk, enabling banks to offer tax-free interest rates between 6% and 7.5%. This operation vastly surpassed the one conducted in 2013 during the « taper tantrum » crisis, which had collected between $26 and $34 billion.
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