RBI's net short fwd position jumps to record high of $136.77 bln Jul-end
This story was originally published at 23:59 IST on 31 August 2026
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--RBI's net short fwd position $136.77 bln Jul-end vs $103.33 bln Jun-end
--RBI's up to 1-mo fwd position -$13.16 bln Jul-end vs -$10.18 bln Jun-end
--RBI's 1-3-mo FX fwd position -$7.32 bln Jul-end vs -$5.73 bln Jun-end
--RBI's 3-mo-1-yr FX fwd position -$24.75 bln Jul-end vs -$24.42 bln Jun-end
--RBI's over 1-yr FX fwd position -$91.54 bln Jul-end vs -$64.21 bln Jun-end
--RBI's net short fwd position at $136.77 bln Jul-end largest on record
NEW DELHI – The Reserve Bank of India's net outstanding sales of dollar-rupee forward contracts jumped to a record high of $136.77 billion at the end of July, primarily on the back of flows absorbed under its concessional swap facilities introduced to encourage banks to mobilise foreign currency non-resident deposits and overseas borrowings by lenders and public-sector undertakings.
Between Jun. 8 and Aug. 21, the policy measures announced by the RBI have attracted inflows worth over $72.85 billion. Nearly 90% of these inflows came from FCNR(B) deposits at $65.40 billion. The RBI's net outstanding foreign exchange forward book across tenures rose to $136.77 billion at the end of July, up $33.44 billion from a month ago, data from the central bank showed Monday.
With Monday being the deadline for mobilising deposits under the RBI's swap facility for FCNR(B) deposits, data for the central bank's short dollar forward book is expected to show further increase at the end of this month. The RBI's swap facilities for the external commercial borrowings of public-sector undertakings and offshore foreign currency borrowings of banks will remain open till Dec. 31.
Of the total forward book, short positions with maturity of over a year rose the most and were at $91.54 billion at the end of July, up $27.33 billion from a month ago. The RBI's short positions for the tenure of three months to one-year were at $24.75 billion at July-end, up $33 million from a month ago.
The outstanding short positions increased by $1.59 billion in the tenure of one-to-three months to $7.32 billion at the end of July. Short positions in near-term forwards with maturity of up to a month increased to $15.59 billion as of July-end, up $5.41 billion on month.
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's long forward positions were at $2.43 billion at the end of July, up $1.22 billion on month.
Details of the RBI's outstanding forward book as on Jul. 31 are as follows. All figures in billion dollars:
| July | Total | Up To 1 Month | 1-3 Months | 3 Months-1 Year | More Than 1 Year |
| Short positions | 139.20 | 15.59 | 7.32 | 24.75 | 91.54 |
| Net change from June-end | 34.66 | 5.41 | 1.59 | 0.33 | 27.33 |
| Long positions | 2.43 | 2.43 | 0 | 0 | 0 |
| Net change from June-end | 1.22 | 1.22 | 0 | 0 | 0 |
| Net (long-short) | (-)136.77 | (-)13.16 | (-)7.32 | (-)24.75 | (-)91.54 |
End
US$1 = INR 95.16
Reported by Pratiksha
Edited by Shubhayan Bhattacharya
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