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The Reserve Bank of India's net short dollar forward position reached a record $239.2 billion at the end of September 2026, up from about $200 billion a month earlier. The build-up followed a special swap window for foreign currency deposits that raised roughly $133 billion through the FCNR(B) facility.
Heavy RBI intervention has steadied the rupee, which limits imported inflation for feed buyers, but rising forward premiums signal growing costs and constrain future currency flexibility. A sudden shift in this position could move the rupee and therefore Indian import costs.
policycircle.orgPolicy Circle BureauNov 3, 2026Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
