With the rupee coming under pressure and inching closer to the 54 level, the Reserve Bank of India (RBI) on Friday announced a series of steps to augment foreign currency flows and stem the currency’s slide. On Friday, after the market closed for trading, the RBI raised the interest rate ceiling on Foreign Currency Non-Resident (FCNR (B)) deposits of banks from 125 basis points (bps) above the corresponding LIBOR/Swap rates to 200 bps for maturity period of 1 year to less than 3 years, and to 300 bps for maturity period of 3 to 5 years.