RBI's net outstanding fwd dollar sales rise in Sept after falling for 6 mos
This story was originally published at 18:32 IST on 31 October 2025
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NEW DELHI – The Reserve Bank of India's net outstanding sales of dollar/rupee forward contracts rose to $59.41 billion as of September-end, after falling for six consecutive months, data from the central bank showed Friday.
The continued rise in the central bank's outstanding forward dollar sales coincides with the RBI's defence of the rupee through active dollar sales in the offshore non-deliverable forwards market. The RBI has also been conducting buy/sell swaps – buying dollars for immediate delivery and selling them for a forward date – to limit the strain of its spot sales on systemic rupee liquidity.
The central bank's net outstanding short forward positions rose to $59.41 billion at the end of September from $53.36 billion at the end of August. Of this, short positions with maturity of up to one month rose to $16.49 billion at the end of last month, up $10.64 billion from a month ago. For the tenure of one-three months, the outstanding short positions rose to $14.83 billion at September-end, up $385 million from a month ago.
However, the central bank's short positions in forwards with maturity ranging from three months to a year fell to $7.99 billion as on Sept. 30 from $12.96 billion a month earlier. The net position of the RBI's forward book is the difference between its outstanding gross purchases and gross sales of forward contracts.
The RBI's short positions in long-term forwards with maturity over one year remained unchanged from a month ago at $20.10 billion as of September-end. The central bank did not have any gross long positions in its forwards book at the end of September. The rupee fell 0.7% against the dollar in September.
Details of the RBI's outstanding forward book as on Sept. 30 are as follows. All figures in million dollars:
| September | Total | Up To 1 Month | 1-3 Months | 3 Months-1 Yr | More Than 1 Yr |
| Short positions | 59,405 | 16,485 | 14,830 | 7,990 | 20,100 |
| Net change from Aug-end | 6,050 | 10,635 | 385 | (-)4,970 | 0 |
| Long positions | 0 | 0 | 0 | 0 | 0 |
| Net change from Aug-end | 0 | 0 | 0 | 0 | 0 |
| Net (long-short) | (-59.405) | (-16,485) | (-14,830) | (-7,990) | (-20,100) |
End
US$1 = INR 88.77
Reported by Pratiksha
Edited by Avishek Dutta
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