USD/INR: How FCNR Deposits From Overseas Indians Were Used to Support the Rupee

The Reserve Bank of India offered higher interest rates on Foreign Currency Non-Resident (FCNR) deposits in June 2026, attracting capital from overseas Indians as the rupee faced depreciation pressure. FCNR accounts allow non-resident Indians to deposit foreign currency with Indian banks. The RBI did not publicly disclose the volume of deposits received through this measure or the specific interest rate premium offered.

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