Business StandardCenter·
Targeted flows, not swap cost, drove early FCNR (B) closure: SBI Research
The cost of FCNR (B) swaps is unlikely to have been a constraining factor for the Reserve Bank of India's (RBI) decision to close the special swap facility ahead of schedule, according to a report. SBI Research, in its report Ecowrap, estimated that the cumulative hedging cost could amount to around USD 10.5 billion over five years. On August 14, the central bank decided to close the window for fresh FCNR(B) deposits under the special swap facility on August 31, one month ahead of the scheduled…
Read at Business Standard →
