Historical Precedent
2013 FCNR(B) Swap Window
The RBI has used special FCNR(B) swap windows before to defend the rupee during periods of capital account stress, most notably in 2013 during the "Taper Tantrum," when then-Governor Raghuram Rajan's RBI opened a swap facility that mobilised about $34 billion from NRI deposits within a few months, credited with stabilising the rupee that year.
- 2013 FCNR(B) swap window: ~$34 billion raised, credited with easing rupee depreciation pressure during the Taper Tantrum
- The 2026 episode has mobilised a larger sum (~$73 billion) in a shorter window (under 11 weeks), reflecting both a larger economy and more aggressive incentive structuring
- Both episodes used the same underlying instrument (FCNR(B) deposits) but different mechanics — the 2013 window offered RBI-subsidised swap costs, while contemporary schemes have similarly used special swap facilities to make dollar deposits attractive to NRIs
● Tracked since March 01, 2026 · last seen August 25, 2026 · updates as the daily brief publishes
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