FCNR(B
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RBI to fully absorb forex risks, inflows may see $50bn boost
MUMBAI: Reserve Bank of India has opened the dollar tap by taking on the currency risk itself to draw in overseas money, while nudging state-owned borrowers to look abroad for cheaper funds. RBI will not charge any premium for swapping dollars raised through foreign currency non-resident bank FCNR(B) deposits, effectively absorbing the entire forex risk and allowing banks to offer higher returns to NRIs. In addition, FCNR(B) deposits of three to five years will be exempt from the cash...
BJP counters Rahul's 'economic tsunami' warning amid Iran war: 'Stop selling panic'
NEW DELHI: Bharatiya Janata Party (BJP) on Thursday put up a strong counter against Rahul Gandhi's warning of an "economic tsunami" for India, dismissing it as "classic fear-mongering." The Lok Sabha leader of opposition had raised concerns over the escalating situation in the Middle East and its potential impact on India. Responding sharply, BJP IT cell chief Amit Malviya rejected Rahul's claims and argued that India is well-positioned to withstand any economic fallout from the Iran war.
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Reserve Bank of India's monetary policy measures are seen a coordinated attempt to shift market perception of rupee from depreciation concerns towards stronger capital inflows. SBI Research estimates that the measures could trigger at least $40 billion in inflows, potentially supporting the rupee towards the 92–93 levels. At the same time, Kotak Securities places the potential inflow impact higher, at $50–75 billion.
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Rupee gains sharply as RBI unveils steps to attract foreign investors
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