RBI’s great dollar haul: Where are the $73 bn going?
India mobilized about $73 billion in foreign currency in under 11 weeks through Reserve Bank of India measures, primarily via Foreign Currency Non-Resident deposits. Despite this influx, the rupee remains stable around ₹95-96 to the dollar, as the goal is to bolster foreign currency reserves rather than directly strengthen the rupee. The window for inflows closes at the end of August.