RBI’s dollar mobilization scheme drew $136.4 billion by 31 August, far exceeding initial expectations, with foreign currency non-resident (bank) or FCNR(B), deposits accounting for $127.2 billion, or more than 90% of the total, while offshore foreign currency bonds (OFCBs) and external commercial borrowings (ECBs) contributed $5.3 billion and $3.9 billion, respectively, per central bank data. The inflows have also helped push India’s foreign exchange reserves to a record $740.8 billion as on 28 August, strengthening RBI’s buffer to manage volatility in the rupee.
