RBI's short forward book hits $77 billion, highest since March 2025

Central bank's net short dollar position in forward market rises sharply in February, with long-term tenures driving the increase

The Reserve Bank of India’s outstanding net short dollar position in the rupee forward market rose to $77.25 billion by the end of February, the highest since March 2025, the latest data by the central bank showed. The net short position by the end of January stood at $68.42 billion.

 

Short positions in less than one year remained unchanged at $28 billion, while those in longer-than-one-year tenures rose by around $9 billion to $49 billion.

 

Of the $77 billion net short dollar position, $10.9 billion was in one-month contracts, $5.9 billion in one- to three-month tenures, $11.7 billion is set to mature between three months and a year, and the remaining $49 billion was in contracts of more than a year.