RBI net FX forwards in up to 1-yr maturities down $3.15 bn in April

The Reserve Bank of India's net forward dollar book fell by $3.15 billion for up to one-year maturities in April, compared with a net rise of $2.49 billion in the previous month, according to Reuters calculations based on data from the central bank's website.

The central bank likely took delivery of some of its forward dollars in April, which could have led to an overall fall in the net long forwards position month-on-month, dealers said.

India's forex reserves rose $10.5 billion to $351.87 billion in April and after accounting for change in valuations of other currencies that the central bank holds, the RBI is estimated to have net bought about $7 billion that month including around $3-4 billion of forwards maturity, analysts said.

The rupee moved in a 62.04-63.77 per dollar band in April.

The RBI's total long forwards position for up to one-year maturities was $34.46 billion as of April-end compared with $37.07 billion in March, according to RBI data.

The total short position in the up to one-year forwards market was $3.32 billion as of April-end, compared with $2.78 billion in March. The net positions up to one year stood at $31.14 billion end-April from $34.29 end-March.

The aggregate short positions in forwards for more than one year maturities stood at $25.97 billion, the data showed.