G10/EM FX institutional
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MUFG Research · Global / Japan · Rupee at 94 against the dollar, RBI rolls out FCNR-B scheme and $10bn swap to stem the slide
MUFG's FX team analyses the full June 5-8 RBI package: FCNR-B hedging subsidy, $10 billion dollar-rupee swap, FAR extension to longer tenors, and tax exemption for FPI G-sec holdings. Estimates the combined firepower at roughly $30 billion when FPI bond inflows are included, calling it 'India's most comprehensive currency defence since 2013.'
“The June package represents India's most comprehensive rupee defence since the 2013 taper tantrum, combining direct intervention, deposit incentives and FPI tax relief.”