RBI receives $17.5 billion through currency swap

Mumbai  :  The Reserve Bank of India Monday said it has received $17.5 billion through special window for swapping foreign currency. The scheme was introduced in early September to support the battered rupee.

“The Reserve Bank has received till date $17.5 billion under the special concessional window for swapping Foreign Currency Non-Resident (Banks) Deposits and Overseas Foreign Currency Borrowings,??? the RBI said in a statement.

The RBI announced these schemes Sep 4, 2013. The move was aimed to support rupee that then had crashed by more than 20 percent.

The central bank’s special window will remain open till Nov 30.