Indian banks rise on RBI forex swap window for lenders
Shares of Indian lenders gained after the central bank launched a concessional swap window for overseas borrowings with maturities of at least three years. The measure aims to boost capital inflows and could potentially attract up to 30 billion dollars in fresh foreign currency issuance.
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The Reserve Bank of India launched a subsidized foreign exchange swap window for overseas borrowings, causing Indian bank stocks to rise 1.4%. The central bank announced the facility late evening Monday to attract capital inflows as the economy faces growth pressures. This move allows lenders to raise up to $30 billion in fresh foreign currency to potentially stabilize the national balance of payments.
