RBI to prematurely end FCNR(B) swap window Aug-end amid strong dollar inflows

The Reserve Bank of India will close its concessional dollar-rupee swap facility for FCNR(B) deposits at the end of August, a month earlier than the original September deadline. The central bank cited an "encouraging response" for its decision, with banks having mobilized over $52.3 billion under the scheme as of August 13. Analysts now expect total inflows to reach $60-70 billion, as banks rush to attract non-resident deposits before the window closes.