RBI Sees Rupee as Undervalued; FCNR(B) Inflows Cross $32 Billion

RBI Sees Rupee as Undervalued; FCNR(B) Inflows Cross $32 Billion

The Reserve Bank of India's (RBI) recent measures to attract foreign capital have garnered strong investor response, with banks mobilising nearly $32 billion in Foreign Currency Non-Resident (Bank) or FCNR(B) deposits. The RBI's measures have also attracted over $7 billion in foreign inflows into government securities. The RBI Governor, Sanjay Malhotra, has said that the rupee is undervalued and that the RBI is committed to maintaining a stable exchange rate. The RBI's measures are aimed at attracting foreign capital and stabilising the exchange rate. The RBI has also taken steps to increase foreign inflows into the country, including the introduction of new regulations and the relaxation of existing ones.