India's $127 billion NRI deposits arm gives RBI more firepower, setting rupee up for rally

India attracted 136.38 billion US dollars through special foreign-currency mobilisation schemes, far above the expected figure of around 100 billion dollars, significantly swelling FX reserves. The bulk came from non-resident deposits, with a further 3.89 billion dollars raised through external commercial borrowings and 5.26 billion dollars through overseas foreign-currency borrowings. The inflows are expected to fuel a rupee rally, with the currency likely to open in the 94.30 to 94.35 range against the US dollar, having settled at 94.97 on Wednesday.