ICICI Bank raises foreign currency deposit rates

ICICI Bank, India's No. 2 lender, raises foreign currency deposit rates by up to 175 basis points, effective May 8. It raised rates for 1 to 2 year tenure by 75 basis points and for 3 to 5 year tenure by 175 basis points.

Last week, the RBI announced measures on Friday to bolster foreign currency inflows following a sharp fall in the rupee.