FCNR bought time; now let’s transform how we finance our current account deficit: Neelkanth Mishra | Today’s news

However, since it is not clear how long energy prices will remain high, it will not be prudent to let the rupee weaken sharply and then appreciate when energy prices adjust, he said. “So we have bought time to hedge against volatility (through FCNR-B deposits),” Mishra said. The Special Deposit Facility (FCNR-B) was closed on August 31, a month earlier than planned, as inflows significantly exceeded expectations.