India RBI Closes FCNR Dollar Deposit Window Early

India's central bank announced an early closure of its FCNR (Foreign Currency Non-Resident) deposit window for overseas residents, a facility designed to attract foreign currency deposits. The unexpected early termination has triggered volatility in the Indian rupee and bond markets, with traders reducing bets on rupee gains and short-tenor bond yields surging, while also affecting Indian lenders' dollar bond issuance strategies.

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