Data Alert
RBI's dollar sales in foreign exchange market at record high of $69.05 bln in Dec
This story was originally published at 20:43 IST on 19 February 2025
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--RBI's Dec net outstanding FX futures sales $3.45 bln vs $2.97 bln Nov
--RBI's Dec gross FX futures sales $3.55 bln vs $3.93 bln Nov
--RBI made zero net purchase/sale in FX futures market in Dec
--RBI's net outstanding forward FX sales in Dec $67.94 bln
--CONTEXT: RBI net outstanding fwd FX sales Nov were $58.85 bln
--RBI's Dec gross FX sales $69.05 bln vs $51.11 bln in Nov
--RBI's Dec gross FX purchases $53.90 bln vs $30.88 bln Nov
--RBI net sold $15.15 bln in FX mkt Dec vs $20.23 bln sell Nov
NEW DELHI – The Reserve Bank of India's dollar sales in the foreign exchange market were at a fresh record high of $69.05 billion in December, up $17.94 billion from the previous month, indicating the scale of the central bank's defence of the rupee's exchange rate, according to data released by the RBI on Wednesday. The RBI's dollar sales of $51.11 billion in November was also a record high.
On a net basis, the RBI sold $15.15 billion in December, lower than $20.23 billion in November. In December, the Indian currency depreciated more than 1.3% against the greenback due to a globally strengthening dollar. The dollar index gained 2.6% in December.
On a gross basis, the RBI purchased $53.90 billion in the foreign exchange market in December, compared to $30.88 billion in the previous month. At the end of December, the RBI's net outstanding sales of dollar/rupee forward contracts climbed to a new high of $67.94 billion, $9.09 billion higher from a month ago. Earlier this month, Informist had reported that the RBI's already large outstanding sales of forward dollars are likely to have risen even further to as high as $75 billion in January as the central bank continued to sterilise its spot market interventions.
The central bank's gross purchases and sales in the foreign exchange futures market were $3.55 billion each in December. However, its net sale outstanding position at the end of the month was $3.45 billion, up from $2.97 billion at the end of November. End
US$1 = INR 86.95
Reported by Pratiksha
Edited by Ashish Shirke
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