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Informist, Tuesday, Dec. 24, 2024

 

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--RBI's Oct gross FX purchases $27.50 bln vs $28.93 bln Sept 
--RBI net sold $9.28 bln in FX mkt Oct vs $9.64 bln buy Sept 
--RBI's Oct gross FX sales $36.78 bln vs $19.29 bln in Sept 
--RBI's net outstanding forward FX sales on Oct 31 $49.18 bln 
--CONTEXT: RBI net outstanding fwd FX sales on Sept 30 were $14.58 bln 
--RBI net buy, sell in FX futures market nil in Oct 
--RBI's net outstanding FX futures sales $3.23 bln as on Oct 31 
--CONTEXT: RBI's net outstanding FX futures sales were $200 mln on Sept 30 

 

MUMBAI – The Reserve Bank of India sold $36.78 billion on a gross basis in October, almost double the $19.29 billion in September, indicating the scale of the central bank's defence of the Indian rupee's exchange rate, data released by the central bank Tuesday showed. At $36.78 billion, the RBI's gross forex sales in October is not far from its record monthly sales of $38.77 billion in July 2022. Since then, the central bank has sold foreign currency heavily in the spot market in Oct-Nov 2023, with the two months seeing gross sales of $73.88 billion.

 

On a net basis, the RBI sold $9.28 billion in October, slightly lower than $9.64 billion in September.

 

The RBI's defence of the rupee has extended beyond the spot market. Informist reported on Nov. 29 that the central bank's net outstanding short positions in dollar/rupee forward contracts rose by a whopping $34.60 billion in October to $49.18 billion at the end of the month--the highest in at least a decade. These numbers were confirmed by the data released on Tuesday in RBI monthly bulletin.

 

Meanwhile, the central bank's gross purchases and sales in the foreign exchange futures market were $2.53 billion each in October. However, it has a net sale outstanding position at the end of the month of $3.23 billion, sharply up from $200 million at the end of September.  End

 

US$1 = INR 85.20

 

Reported by Siddharth Upasani and Vidhushi RajPurohit

Edited by Saji George Titus

 

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