RBI's net outstanding forward dollar sales ease further to $72.6 bln in Apr
This story was originally published at 13:37 IST on 31 May 2025
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NEW DELHI – The Reserve Bank of India's net outstanding sales of dollar/rupee forward contracts eased at the end of April from a month ago as the central bank further trimmed some of its short positions, data from the RBI showed.
The size of the RBI's net short outstanding dollar/rupee forward book had only been growing since March last year and hit a record high of $88.76 at the end of February. Net outstanding sales of dollar/rupee forward contracts fell to $72.58 billion at the end of April, $11.77 billion lower from a month ago.
The central bank started winding down its short position in the dollar/rupee forward book from March, according to market participants, while sterilising the resulting liquidity impact by buying government bonds through open market operations. So far in 2025, the RBI has bought gilts worth INR 5.22 trillion via OMOs.
The central bank's short forward positions came down across most tenures. In the one month segment, the RBI's short positions fell $4.41 billion from its March-end net short position of $11.77 billion.
The RBI reduced positions worth $4.82 billion from its March-end short positions of $12.19 billion in forwards maturing in more than one month to three months. The RBI's short forward positions maturing in the over-three-month to one-year segment also declined $2.54 billion from its March-end net short position of $40.29 billion.
The RBI short forward positions maturing in more than one year remained unchanged at $20.10 billion at the end of April. The net position of the RBI's forward book is the difference between its outstanding gross purchases and gross sales of forward contracts. At the end of April, the central bank's gross long position in its forward book was nil.
| April | TOTAL | UP TO 1 MONTH | 1-3 MONTHS | 3 MONTHS-1 YEAR | MORE THAN 1 YEAR |
| Short positions | 72,575 | 7,360 | 7,365 | 37,750 | 20,100 |
| (-11,770) | (-4,410) | (-4,820) | (-2,540) | 0 | |
| Long positions | 0 | 0 | 0 | 0 | 0 |
| 0 | 0 | 0 | 0 | 0 | |
| Net (long-short) | (-72,575) | (-7,360) | (-7,365) | (-37,750) | (-20,100) |
* Net change from the previous month in parentheses. All figures are in million dollars.
End
US$1 = INR 85.58
Reported by Pratiksha
Edited by Deepshikha Bhardwaj
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