Mumbai, June 8 -- The Reserve Bank of India (RBI) on Monday operationalized the foreign currency liquidity measures announced by governor Sanjay Malhotra in Friday's monetary policy, introducing special dollar-rupee swap facilities for foreign currency non-resident (FCNR) deposits and external commercial borrowings (ECBs) to encourage inflows and support the rupee.

Under the FCNR(B) scheme, banks can access a US dollar-rupee swap facility for fresh foreign currency non-resident deposits mobilized for a tenor of three to five years. The facility will be available only in US dollars, regardless of the currency in which deposits are raised.

Banks will be able to swap dollars with the RBI at par-exchanging dollars for rupees today and rever...