Special forex swap window draws $143.5 billion in inflows; FCNR(B) deposits lead

Banks have mobilized $132.9 billion through FCNR(B) deposits under the RBI's special forex swap window, with total inflows including External Commercial Borrowings (ECBs) and Overseas Foreign Currency Borrowings (OFCBs) reaching $143.5 billion by September 18. The inflows represent a significant surge, exceeding five times the amount raised under a comparable scheme in 2013.

A substantial portion of deposits arrived in the final 10 days of the mobilization push. While the FCNR(B) facility continues to attract dollar inflows, rising global bond yields may constrain further overseas borrowing through ECBs and OFCBs, which remain available until December 31.