RBI's net short forward positions hit record $137 billion in July
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The total net short forward positions now stand at a record high of $137 billion in July, from $104 billion in June, latest Reserve Bank of India (RBI) data showed. Short positions with tenure of over one year increased the most to $91 billion in July, from $64 billion in June. According to the RBI, gross inflows of $41 billion had been recorded by July, of which $36.7 billion came through FCNR(B) deposits that have a maturity of 3-5 years. Read more: NSE records Rs 39,718 cr turnover in closing auction session on first index rebalancing day "The pick-up seen in the near-term positions is likely due to interventions in the offshore market. There was depreciation pressure on the rupee in July, and the RBI seems to be spreading their intervention across three markets - in spot, NDF and forwards," said Gaura Sengupta, chief economist, IDFC First Bank. The forward book with maturity of less than one year increased marginally. The up to one-month forwards stood at $13 billion from $10 billion previously, while forwards with a maturity of 1-3 months stood at $7 billion, from $5 billion in June. In the 3-month to 1-year bucket, short forwards stood at $24 billion in July, unchanged from June. To be sure, India's foreign-exchange reserves surged to a record $729.33 billion in the week ended August 21, reflecting the success of the dollar-inflow programs announced early June. (What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2025, Share Market on Budget 2025 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .) Subscribe to ET Prime and read the Economic Times ePaper Online.and Sensex Today. Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price (What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2025, Share Market on Budget 2025 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .) Subscribe to ET Prime and read the Economic Times ePaper Online.and Sensex Today. Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price
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