India considering special deposit scheme to boost dollar inflows

Written by October 3, 2018 15:08

New Delhi: The rupee fell to a record low against US dollar today amid rising crude oil prices. The Indian currency fell to an all-time low of 73.34 against the US dollar.

India considering special deposit scheme to boost dollar inflowsTo stem the free-fall, the government is considering special deposit scheme for non-resident Indians to boost dollar inflows, news agency NewsRise reported.

Earlier, the Economic Affairs Secretary Subhash Chandra Garg said that if needed, government could raise funds through foreign currency non-repatriable (FCNR) deposits, sovereign bonds or other routes to increase forex reserves.

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