India attracts $32 billion in foreign capital as FCNR(B) deposits hit record

India has drawn nearly $32 billion in foreign capital following the Reserve Bank of India's special inflow measures announced on June 5, according to Governor Sanjay Malhotra. Foreign Currency Non-Resident (FCNR)(B) deposits have already surpassed the previous 2013 record levels.

Despite the strong foreign capital inflows, the rupee remains under pressure near historic lows. Analysts attribute the continued weakness to sustained dollar demand driven by costly oil imports and weak hedging activity by exporters, offsetting the benefits of rising inflows.