RBI’s USD-INR Swap Facility Sparks Unprecedented Forex Inflows, Banks Raise USD 73 Billion in 11 weeks

August 25, 2026 12:02 AM

RBI’s USD-INR Swap Facility Sparks Unprecedented Forex Inflows, Banks Raise USD 73 Billion in 11 weeks

The Reserve Bank of India’s special USD-INR forex swap facility for FCNR(B) deposits, Overseas Foreign Currency Borrowings (OFCB) and External Commercial Borrowings (ECB), launched on June 8, 2026, has driven an unprecedented surge in foreign exchange inflows into the country by mobilizing total foreign exchange inflows of US $73 billion as on August 21, 2026, according to a press release from the Ministry of Finance on Monday. FCNR(B) deposits alone accounted for US $65.40 billion, underlini...

India’s Forex Boom, Europe’s Heatwave Economy, and a $50 Billion BOP Surplus: Inside This Week’s Economic Brief

August 21, 2026 3:06 PM

India’s Forex Boom, Europe’s Heatwave Economy, and a $50 Billion BOP Surplus: Inside This Week’s Economic Brief

This week's Economic Brief explores India's shifting forex demand, Europe's heat-driven business disruption, India-Japan critical minerals cooperation, and a projected $50 billion balance of payments surplus for FY27.   The Economic Brief this week, examined three major stories: the transformation of India's retail foreign exchange market, the growing business impact of Europe's extreme summer heat, and India's forecast balance of payments surplus for FY27. The episode also featured Commerce ...

India’s forex reserves rise for third consecutive week, reach $638.26 billion

February 14, 2025 10:11 PM

India’s forex reserves rise for third consecutive week, reach $638.26 billion

India's foreign exchange reserves continued their upward trend for the third consecutive week, reversing a months-long decline, according to data released by the Reserve Bank of India (RBI) on Friday. For the week ending February 7, the country’s forex reserves rose by $7.65 billion to $638.261 billion. This recovery follows a sharp slump that saw reserves fall in 15 of the previous 16 weeks, reaching an 11-month low. India’s reserves had been steadily declining since hitting an all-time h...

ED freezes Rs 170 crore across 30 bank accounts in QFX money laundering probe

February 13, 2025 3:19 PM

ED freezes Rs 170 crore across 30 bank accounts in QFX money laundering probe

The Enforcement Directorate (ED) has frozen movable assets worth Rs. 170 crore, including funds in over 30 bank accounts held by shell companies, following raids conducted two days ago in Delhi, Uttar Pradesh, and Haryana in connection with the QFX Trade Ltd. case, the agency said on Thursday. The action was taken after the ED's Chandigarh Zonal Office conducted search operations on February 11 under the Prevention of Money Laundering Act (PMLA), 2002 at various locations in Delhi, Noida, Rohta...