The central bank of India received $143.6 billion in inflows through its FX swap program as of September 18, 2026.
The Reserve Bank of India implemented a series of policies in June, such as swap agreements and concessional hedging facilities, in an effort to draw in foreign exchange to support the rupee, which had dropped to all-time lows earlier this year.
The majority of inflows were from foreign currency non-resident, or FCNR(B), deposits, which totaled $132.98 billion as of August 31 after the window was closed early due to strong inflows.
RB stated that the external commercial borrowings supplied $5.30 billion, while overseas foreign currency borrowings contributed $5.32 billion.
Up until December 31, borrowings made through ECBs and OFCBs will remain eligible under the swap facility.
India has frequently relied on its diaspora for dollar deposits during periods of currency stress, providing hedging cost rebates as an incentive. The plan brought in almost $26 billion when it was last employed in 2013.
