MUMBAI: The Reserve Bank of India (RBI) announced a series of steps to boost foreign exchange inflows to arrest the rupee's slide against the dollar.
The measures include doubling the annual overseas borrowing limits for companies to $1.5 billion and temporarily abolishing interest-rate caps for banks to attract deposits from non-resident Indians, the RBI said in a statement on Wednesday. The central bank also eased rules for foreign investors to invest in government and corporate debt in India.
The rupee has come under severe pressure, hitting a series of lows in the past weeks, as foreign portfolio investors pulled out their investments from India, and the country's trade gap progressively widened to a record in June because of rising import costs of crude, gold and other commodities.
Economists have estimated India's current account deficit, a broad measure of the country's trade and financial flows with other nations, to widen to more than 3% of gross domestic product (GDP) this fiscal, nearly double that of the previous year.
This story is from the July 07, 2022 edition of Hindustan Times.
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This story is from the July 07, 2022 edition of Hindustan Times.
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