Dollar race: Foreign banks ramp up FCNR deposits, narrow gap with locals
Foreign banks significantly increased Foreign Currency Non-Resident (FCNR) deposits, reaching $8.97 billion by July 30, up from $603 million on June 5. HSBC led this surge, with deposits rising from $120.26 million to $6.26 billion. This trend highlights foreign banks' superior access to dollar liquidity, impacting local banks' ability to attract similar deposits.