Since June, India has mobilized a record $127.23bn in foreign-currency deposits
from its roughly 35m overseas diaspora via a special dollar swap window, the RBI
said. Including $9.15bn of inflows from external commercial borrowings and
overseas currency debt, total funds reached $136.38bn as of the scheme’s close.
RBI said the proceeds give policymakers a larger buffer to defend the rupee amid
external pressure; the move echoes a 2013 diaspora mobilization that raised
about $26bn in roughly three months and helped lift the currency, though the
rupee is little changed versus its June 5 level.
