RBI forward positions hit $137B in July after long-term swaps

Business Sep 01, 2026

The Reserve Bank of India (RBI) just set a new record, with its net short forward positions jumping to $137 billion in July (up from $104 billion in June).

Most of this surge came from long-term swaps meant to boost the country's foreign exchange reserves.

The biggest jump was in positions maturing over one year, which climbed from $64 billion to $91 billion.

India FX reserves reach $729.33B

To help steady the rupee, RBI intervened across several markets, including spot and non-deliverable forwards, in July.

Thanks to these moves and strong inflows (like $36.7 billion from FCNR(B) deposits), India's foreign exchange reserves reached an all-time high of $729.33 billion by August 21.

Short-term forward positions saw smaller changes, staying mostly stable during this period.