Reserve Bank of India reports $143.6 billion in foreign exchange swap inflows
What happened
The Reserve Bank of India reported $143.596 billion in total foreign exchange inflows through its special USD-INR swap facility as of September 18, 2026. Non-resident deposits generated $132.98 billion before that channel closed on August 31, while overseas bank borrowings yielded $5.32 billion and external commercial borrowings brought in $5.296 billion.
Why it matters
The figures show that non-resident deposit mobilization served as the primary driver of foreign currency liquidity under the central bank's swap mechanism. Direct corporate and institutional foreign borrowing channels provided a much smaller portion of total hard-currency inflows to authorized dealer banks.
Bigger picture
Although the high-volume deposit mobilization window has closed, the facility remains active for corporate and bank borrowing channels until December 31, 2026. This phased structure allows the RBI to maintain targeted dollar liquidity options for Indian firms and financial institutions through year-end.
Watch next
Updated inflow reports for external commercial borrowings and overseas bank borrowings prior to the facility's final closure on December 31, 2026.