Forex window proves to be beneficial for RBI
By Joseph Samson
Oct 25, 2013
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$10.1 billion has been gained by the Reserve Bank of India (RBI) on Wednesday, this was under two plans which were reported a month ago to lure foreign funds— the concessional window which is unique, and meant for changing foreign currencies non-resident inhabitant (banks) deposits, or FCNR(B) stores and abroad outside coin borrowings.

Not long after in the wake of assuming control as Raghuram Rajan, RBI representative, on September 4, proclaimed the swap window office to urge banks to bait funds of NRI currency. Under the office, banks are allowed to swap new FCNR (b) dollar subsidizes, assembled for a three years tenure, at an altered rate of 3.5% annually during the deposit tenure.

Additionally, RBI loose standards for financial institutions and permitted them to increase their foreign capital to 100% of their Tier I (value) capital. The rupee had dropped to low of 68.83 to a dollar, however, on August 28 has recuperated generously. It shut at 61.59 to a dollar on Wednesday.

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