Economy · India
RBI Closes Special Dollar Deposit Window Early Amid Strong Inflows
The Reserve Bank of India (RBI) announced it will close its special window for Foreign Currency Non-Resident (FCNR) bank deposit schemes early, on August 31, instead of the original September 30 deadline. This decision comes after the scheme successfully mobilized $52.3 billion in foreign currency inflows. The RBI cited robust inflows as the reason for curtailing the facility. The Indian Rupee weakened by 17 paise to 95.59 against the U.S. dollar in early trade following the announcement.
How outlets across the spectrum covered it
L 1 C 9 R 1
- Left (1): The Hindu
- Centre (9 votes, 10 outlets): Business Standard, Business Today, Deccan Chronicle, Mint, The Economic Times · The Times of India (Times Group — 1 vote), The Financial Express, The Free Press Journal, The Hindu BusinessLine, The New Indian Express
- Right (1): The Pioneer
- International (3): Bloomberg, Gulf News, Reuters