RBI's net outstanding fwd dollar sales rise to 9-mo high of $67.77 bln Jan
This story was originally published at 11:26 IST on 28 February 2026
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NEW DELHI – The Reserve Bank of India's net outstanding sales of dollar-rupee forward contracts rose to a nine-month high of $67.77 billion at the end of January, up $5.42 billion on month, data from the central bank showed Friday.
The continued rise in the RBI's outstanding forward dollar sales reflects the RBI's increased defence of the rupee through active dollar sales in the offshore non-deliverable forwards and spot market. The RBI had also conducted a three-year dollar-rupee buy-sell swap auction on Jan. 13 for $10 billion.
Of the total forward book, short positions with maturity of up to one month fell to $10.13 billion at the end of January from $20.26 billion from a month ago. For the tenure of one-three months, the outstanding short positions rose to $7.89 billion at January-end, up $1.91 billion from a month ago. The outstanding short positions increased $5.74 billion in the tenure of three months to a year to $10.14 billion at the end of January. 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 of over one year was $40.28 billion as of January-end, up $8.55 billion on month. The central bank had long positions worth $650 million with maturity up to one month at the end of January. The rupee fell 2.3% against the dollar in January.
Details of the RBI's outstanding forward book as on Jan. 31 are as follows. All figures in million dollars:
| January | Total | Up To 1 Month | 1-3 Months | 3 Months-1 Year | More Than 1 Year |
| Short positions | 68,422 | 10,125 | 7,885 | 10,135 | 40,277 |
| Net change from Dec-end | 6,069 | (-)10,135 | 1,910 | 5,740 | 8,554 |
| Long positions | 650 | 650 | 0 | 0 | 0 |
| Net change from Dec-end | 650 | 650 | 0 | 0 | 0 |
| Net (long-short) | (-)67,772 | (-)9,475 | (-)7,885 | (-)10,135 | (-)40,277 |
End
US$1 = INR 90.98
Reported by Pratiksha
Edited by Tanima Banerjee
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