By the end of October, the net short position of the RBI in the forward market was $49.2 billion, up from $14.6 billion at the end of September. According to market estimates, while the short position in the forward book has further swelled to about $60 billion by the end of November, the extent sales slowed down.
The forward position is a combination of both on-shore and non-deliverable forwards.
If the RBI has a short position in the forward market, it means the central bank has to buy dollars in the future to square off the position. This, in turn, would put further pressure on the domestic currency.
Data shows that the central bank has been having a short position in the forward market since March 2024.
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