Rupee News
Volatile rupee keeps NRI forex funds away
It has been a month since the Reserve Bank of India (RBI) increased the ceiling on interest rates that Indian banks could offer to Foreign Currency Non-Resident (B) deposit holders. Bankers said the channel is yet to see satisfactory flows.
On May 4, RBI announced that banks could offer an interest rate of 200bps above swap rates for FCNR (B) deposits of one to three years tenure and swaps plus 300bps
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