New Delhi, July 1 -- Long before the Reserve Bank of India (RBI) lowered offshore borrowing costs on 5 June, India Inc was already actively tapping overseas credit markets. Corporate treasuries have been aggressively swapping domestic rupee loans for foreign currency debt, rolling over existing dollar obligations, and raising capital for onward lending. This borrowing momentum is now expected to accelerate sharply as the central bank's latest measures begin to lower traditional hedging barriers for domestic institutions.

According to RBI data, external commercial borrowings (ECBs) used specifically to refinance domestic and existing foreign loans jumped 40% year-on-year, from $2.3 billion in the first four months of 2025 to $3.3 billion ...