Did you know India’s foreign currency deposits have hit $20 billion in

@aspirantai_official

#ForexReserves#RupeeDepreciation

Did you know India’s foreign currency deposits have hit $20 billion in just 45 days?

That’s faster than the entire 2013 scheme took. Most of it? FCNR(B) deposits; Indians abroad lending forex to Indian banks under RBI’s special swap window. SBI now expects $65-70 billion by September. But here’s the twist: RBI’s forex reserves haven’t risen as much. Why? Because banks swap those deposits with RBI in batches; so numbers lag. Also, rupee keeps weakening despite inflows; geopolitical tensions, oil prices, and weak FPI sentiment are to blame. SBI warns: if RBI doesn’t step up intervention (they’re currently spending just $14M/day vs $55M/day in 1998), the rupee could spiral after the scheme ends. Good news? BoP outlook is strong; $50B surplus expected next year. Still, currency stability isn’t just about numbers; it’s about confidence.