Dollar swaps can lower top 500 cos' interest burden by Rs 7000 crore

The forex swap window opened by the central bank can potentially ease the interest costs for the industry and can potentially help top 500 borrowers of foreign funds save up to Rs 7,000 crore as the issuances increase, says a report.

The Reserve Bank had on March 26 conducted the first of forex swap auctions raising $5 billion promising to pay back in rupees in return, that softened the rupee-$ forward rates. It has announced another similar issue on April 23.

"The recent softening of the rupee-$ forward rates, if sustained at least in the foreseeable future, is likely to provide a