The Reserve Bank of India's special swap facility has successfully mobilized $20.72 billion in foreign exchange inflows as of July 17, with FCNR(B) deposits contributing over 84%. The initiative aims to strengthen India's and support the rupee amidst global uncertainties.
$20.72 billion
Total Forex Inflows
📊 One chart explains it
Forex Inflows via RBI Special Swap Facility (as of July 17, 2026)
Takeaway: FCNR(B) deposits were the primary driver of forex inflows through the RBI's special swap facility, accounting for over $17 billion of the total $20.72 billion.
⏳ Time Machine
How today’s news fits into the bigger picture
2013
RBI's Taper Tantrum Intervention
During the 'taper tantrum' caused by US Fed's signaling of quantitative easing withdrawal, India faced capital outflows. The RBI introduced a special forex swap window for FCNR(B) deposits, successfully mobilizing significant foreign exchange to stabilize the rupee.
May 20, 2026
Rupee Hits 96.96 Against Dollar
The Indian rupee depreciated to 96.96 against the US dollar, signaling increasing pressure on the currency amidst rising crude prices, geopolitical tremors, and foreign investor exits. This prompted immediate concern from the RBI.
June 5, 2026
Special Swap Facility Announced
The RBI announced a series of measures, including a facility for offering concessional swaps for fresh FCNR(B) deposits, Overseas Foreign Currency Borrowings (OFCBs), and External Commercial Borrowings (ECBs) to strengthen the .
June 8, 2026
Facility Becomes Operational
The RBI's special swap facility was operationalized, allowing authorized dealer banks to start mobilizing foreign currency funds under the new scheme.
July 17, 2026
$20.72 Billion Mobilized
As of this date, the RBI confirmed that the special swap facility had attracted a total of $20.72 billion in foreign exchange inflows, with FCNR(B) deposits being the largest contributor.
Today
RBI announced its special swap facility attracted $20.72 billion in foreign exchange inflows.
What happens next?
The FCNR(B) window closes on September 30, 2026, with banks optimistic about further inflows before the deadline.
The Reserve Bank of India's (RBI) special foreign currency swap facility has attracted a significant $20.72 billion in foreign exchange inflows by July 17. Launched on June 8, 2026, the scheme primarily incentivizes Foreign Currency Non-Resident (Bank) [FCNR(B)] deposits, which alone accounted for $17.406 billion, or over 84% of the total inflows. This initiative, also covering Overseas Foreign Currency Borrowings (OFCBs) and External Commercial Borrowings (ECBs), was introduced to bolster India's balance of payments, strengthen foreign exchange liquidity, and support the rupee, which had been under pressure from rising crude prices and geopolitical tensions. The concessional swap window for FCNR(B) deposits will remain open until September 30, 2026, while for OFCBs and ECBs, it extends until December 31, 2026.
💭 If you're wondering…
A forex swap facility is a mechanism where the central bank (RBI) exchanges one currency for another with commercial banks, with an agreement to reverse the transaction at a future date. It helps manage foreign exchange liquidity and stabilize the local currency without permanently depleting reserves.
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