Subhadip Sircar

Shorter-tenor India bond yields surged after the central bank said it will close a special dollar deposit window for overseas residents a month earlier than scheduled.

Caught off-guard by India’s decision to close early a special window to draw foreign-currency deposits, traders are now paring bets on gains in the rupee and short-term bonds.

India’s central bank is intensifying efforts to support the rupee, emboldened by a jump in its foreign-exchange reserves to contest the pressure from higher oil prices.

The RBI’s net short dollar book jumped to a record $136.8 billion in July, reflecting rising future obligations from its measures to lure foreign capital, including a special deposit program for overseas Indians.

The Reserve Bank of India's net short dollar book jumped to a record US$136.8 billion in July.

India drew a record $127 billion from its vast diaspora, surpassing even the most optimistic estimates and giving policymakers a bigger war chest to defend the currency.

India’s finance capital is booming, with a restaurant scene to match offering upscale regional cuisine and decades-old institutions.

India’s central bank used currency swaps to drain cash from banks, according to people familiar with the matter, as excess funds in the financial system climbed to a record

B India's central bank used currency swaps to drain cash from banks, according to people familiar with the matter, as excess funds in the financial system climbed to a record.

India’s central bank rejected some bids at a sale of shorter papers amid growing worries over stronger steps by the authority to remove excess banking cash.