RBI mulls rate hike as rupee nears 97 against USD
NewsBytes | May 21, 2026 4:39 PM CST
RBI may seek $50B nonresident deposits
To boost confidence and bring in more US dollars, the RBI might launch special deposit schemes for nonresidents (which could pull in up to $50 billion) and is also eyeing sovereign dollar bonds, though those need government approval.
Just this week, they announced a $5 billion swap auction to help with liquidity.
Policymakers say the rupee's current value doesn't match India's strong economy or stable banks. They're focused on keeping it resilient so it can keep supporting growth.
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