RBI released the weekly data on foreign exchange transactions.

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Highlights

From May 25 to 29, 2026, the RBI recorded merchant spot purchases of $8,825 million and sales of $9,303 million.
Inter-bank spot transactions reached purchases of $27,631 million and sales of $24,040 million on May 29, with the size being significantly larger compared to the merchant segment.
According to the data, liquidity management and hedging activities within the banking system played a major role in foreign exchange flows.

This article was translated from the original. Read the original version by our correspondent here.

Details of Transactions from May 25 to May 29

According to the press release from the Reserve Bank of India, the central bank has published the figures for daily merchant and inter-bank transactions in foreign exchange for the period from May 25, 2026, to May 29, 2026. All figures are provided in U.S. dollar millions and have been released as provisional data.

In the merchant segment, on May 25, FCY/INR spot purchases were 3,166 and sales were 2,308, while on May 26, these were 7,768 and 9,851, respectively. On May 27, spot purchases were 5,890 and sales were 5,445, while on May 29, purchases were 8,825 and sales were 9,303.

In the inter-bank segment, on May 25, FCY/INR spot purchases were 17,038 and sales were 15,555. On May 26, purchases reached 30,646 and sales 28,092; on May 27, they were 16,558 and 15,836, while on May 29, purchases were 27,631 and sales were 24,040.

Market Activity and Indicators

The released data shows that during the week, the size of the inter-bank segment remained significantly larger than the merchant segment, especially in spot and forward deals. This indicates that liquidity management and hedging activity within the banking system are playing a major role in the overall flow of the foreign exchange market.

The presence of forward, swap, and forward cancellation deals in both merchant and inter-bank categories suggests that participants are not limited to immediate exchange needs, but are also actively managing future exchange rate risks. The press release 2026-2027/483 lists Deputy General Manager, Communications, Ajit Prasad, as the contact.

In our previous report, USD/INR was discussed as trading around ₹94, with short- and medium-term selling pressure based on technical indicators and a potential range of ₹93.78–₹94.73. That analysis also mentioned that policy measures such as encouraging non-resident Indian dollar deposits and bond inflows are being taken to support the rupee, while new demand for dollars and global uncertainty may continue to exert pressure.

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