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Informist, Friday, May 29, 2026

 

NEW DELHI – The Reserve Bank of India's net outstanding sales of dollar-rupee forward contracts eased to $95.30 billion as of Apr. 30, down $8.86 billion on month, data from the central bank Friday showed. The short forward book had risen to a record high of $103.06 billion at the end of March, cresting $100 billion for the first time as well. 

 

The RBI's outstanding forward dollar sales had risen in the prior three months as the central bank ramped up its defence of the rupee amid the risks from the war in West Asia. In April, the central bank continued its spot dollar sales but did not sterilise most of the impact on rupee liquidity through forwards, helping unwind its short forward positions, dealers said. 

 

Of the total forward book, short positions with maturity of up to one month stood at $13.53 billion at the end of April, down by $2.03 billion from a month ago. The RBI's short positions for the tenure of 1-3 months fell the most after surging in March and were at $10.90 billion on Apr. 30. These contracts fell by $5.25 billion from the prior month.

 

The only tenure not to show a decline was the tenure of three months to a year, where the outstanding short positions increased marginally to $20.15 billion at the end of April. The RBI's short positions in long-term forwards with maturity of over one year fell to $50.73 billion as of April-end, down $2.08 billion on month. The long-term positions are likely to increase in May after the central bank conducted a three-year, $5 billion dollar-rupee buy-sell swap auction.

 

The net position of the RBI's forward book is the difference between its outstanding gross purchases and gross sales of forward contracts. The central bank did not hold any long positions at the end of April, down from $1.10 billion as on Mar. 31. 

 

Details of the RBI's outstanding forward book as on Apr. 30 are as follows. All figures in billion dollars:

 

March	Total	Up To 1 Month	1-3 Months	3 Months-1 Year	More Than 1 Year
Short positions	95.30	13.53	10.90	20.15	50.73
Net change from Mar-end	(-)8.86	(-)2.03	(-)5.25	0.50	(-) 2.08
Long positions	0	0	0	0	0
Net change from Mar-end	(-)1.10	(-)1.10	0	0	0
Net (long-short)	(-)95.30	(-)13.53	(-)10.90	(-)20.15	(-)50.73

 

End

US$1 = INR 95.00

 

Reported by Aaryan Khanna

Edited by Akul Nishant Akhoury

 

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