India central bank gets $12.5b via FX swap schemes so far

MUMBAI (REUTERS) - The Reserve Bank of India received total $10.1 billion (S$12,5 billion) through the two concessional forex swap windows as of Wednesday, it said in a release.

On Sept 4, the central bank said it would provide banks a fixed forex swap rate lower than the market rate for bringing in dollar funds through the overseas non-resident Indian deposits and Tier-I borrowing.

The measure was taken to bolster the central bank's FX reserves which will give the RBI greater firepower to defend any sharp weakness in the exchange rate.