New Delhi, August 21, 2026 — The Reserve Bank of India (RBI) has announced that its special USD‑INR forex swap facility has attracted inflows totaling $72.85 billion as of August 21.
“RBI’s special USD‑INR swap facility has attracted $72.85 billion forex inflows, led by FCNR(B) deposits. Learn how this boosts reserves and stabilizes the rupee.”
Breakdown of Inflows
- FCNR(B) Deposits: $65.4 billion, forming the bulk of the inflows.
- Overseas Foreign Currency Borrowings (OFCBs): $4.86 billion.
- External Commercial Borrowings (ECBs): $2.59 billion.
Background
The RBI introduced this special swap facility on June 8, 2026, covering FCNR(B) deposits, ECBs, and OFCBs. The initiative was designed to strengthen dollar inflows at a time when the rupee was under pressure.
Originally scheduled to run until the end of September, the scheme was shortened by a month due to strong participation. The inflows quickly met the targeted requirements, prompting the RBI to revise the timeline:
- FCNR(B) deposits: Facility open until August 31, 2026.
- ECBs and OFCBs: Facility remains available until December 31, 2026.
Editorial Perspective
The robust response to the swap facility highlights the confidence of global investors and NRIs in India’s financial system. By securing substantial forex inflows, the RBI has not only stabilized the rupee but also reinforced India’s external reserves, providing a cushion against global volatility.
