RBI releases daily foreign exchange trading data for the September period

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RBI forex trading data

Highlights

During September 15-18, 2026, merchant purchases in FCY/INR spot ranged from $5,621-6,949 million per day, while merchant sales stood at $5,832-7,866 million.
Inter-bank FCY/INR spot purchases rose from $22,656 million on September 15 to $27,211 million on September 17, and stood at $21,770 million on September 18.
Inter-bank FCY/FCY forward sales increased from $23,301 million on September 15 to $31,215 million on September 18, 2026, indicating strong activity.

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

Key trading figures for September 2026

According to RBI press release 2026-2027/1283, the provisional data released reflects daily activity in the merchant and inter-bank segments of the foreign exchange market between September 15, 2026 and September 18, 2026. The note states that daily turnover in the inter-bank segment is based on reporting by both counterparties.

For merchant purchases, FCY/INR spot amounted to $6,699 million on September 15, $6,073 million on September 16, $5,621 million on September 17 and $6,949 million on September 18. Over the same period, FCY/INR spot for merchant sales stood at $7,866 million, $6,528 million, $5,832 million and $6,408 million, respectively.

In inter-bank purchases, FCY/INR spot rose from $22,656 million on September 15 to $27,211 million on September 17, before falling to $21,770 million on September 18. In inter-bank sales, FCY/FCY forwards increased from $23,301 million to $31,215 million on September 18, highlighting substantial activity in this segment during the review period.

Significance for the market and banking sector

These figures help indicate the direction of both corporate client flows and liquidity management among banks in India's foreign exchange market. Fluctuations in spot, forward and swap transactions suggest that participants are actively adjusting for short-term payment needs, hedging demand and inter-bank positioning.

This four-trading-day snapshot is also important from a regulatory transparency perspective, as it provides market participants with a basis for comparing trading intensity across different product categories. The RBI has described the data as provisional, so it is viewed as an initial reference for market analysis.

Our previous report discussed RBI Governor Sanjay Malhotra's warning that further tightening in global financial conditions could spread its impact to banks and markets. The article identified factors such as high leverage, stretched equity valuations, rising bond yields and a potential slowdown in the AI investment cycle as risk channels for financial stability, while noting that pressure on India could primarily come through the external sector.

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