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According to the RBI, inflows from expatriate Indians into two deposit schemes offered by local banks surged nearly 10 times month-on-month to touch the $1.3 billion mark in October.India’s foreign exchange reserves of more than $102 billion are now the sixth-largest in Asia.
Indian Rupee has gained 5.2 per cent against the dollar in 2003 on the back of strong inflows from expatriates, exporters and foreign investments.
Inflows into a repatriable rupee deposit scheme rose to $659 million in October from $128 million in September. Though, Indian commercial banks are now permitted to pay only up to a maximum of 25 basis points above the dollar LIBOR to expatriates investing in local currency deposits.
Inflows into foreign currency deposit scheme which offers rates at a quarter percentage point below LIBOR, also rose to $600 million from $8 million in September.
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