RBI takes measures to ease foreign currency flows

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RAJESH DESAI

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May 7, 2012, 12:42:56 AM5/7/12

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Dear Sir/Madam,

In order to stem rupee’s falling against US dollar, the Reserve Bank of India (RBI) has announced two pronged measures to ease foreign currency flows and also to enhance the availability of export credit in foreign currency.

The regulator has hiked the rate of foreign Currency Non-Resident (FCNR) deposits by 75-175 basis points to 200 bps for maturity period of one year to less than 3 years and to 300 bps for maturity period of 3-5 years. Moreover, RBI has deregulated the ceiling rate on export credit in foreign currency. With this, banks are now free to determine their own rate of interest on export credit in foreign currency with effect from May 05.

Regards,

Team Microsec Research

Microsec

Microsec Capital Limited

Tel: 91 33 30512100

Fax: 91 33 30512020

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CA. Rajesh Desai

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RBI's FCNR rate and deregulation of export credit.pdf

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