RBI releases foreign exchange trading data for the September 21

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RBI foreign exchange data September

Highlights

Merchant FCY/INR forward sales rose from 3,964 USD million to 5,600 USD million between September 21 and 25, 2026, while purchases fluctuated.
Interbank FCY/FCY spot purchases rose from 29,498 USD million to 37,188 USD million by the end of the week, while sales reached 32,154 USD million.
The data released by the RBI are preliminary (provisional), and interbank turnover is based on reporting by both counterparties, with the possibility of revisions remaining.

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

Weekly trading data and segment-wise details

According to press release 2026-2027/1284 issued by the Reserve Bank of India, the central bank has released details of daily merchant and interbank transactions in the foreign exchange market for the period from September 21, 2026 to September 25, 2026. The data show spot, forward, forward cancellations and swap transactions under FCY/INR and FCY/FCY deals on both the purchase and sale sides.

In merchant purchases, FCY/INR spot stood at 8,682 USD million and forwards at 2,596 USD million on September 21, while on September 25 they were recorded at 6,435 USD million and 3,898 USD million, respectively. Over the same period, merchant FCY/INR spot sales ranged from 7,599 USD million to 6,277 USD million, while forward sales rose from 3,964 USD million to 5,600 USD million.

Trading volumes in the interbank segment were considerably larger than in the merchant segment. In interbank purchases, FCY/INR spot ranged from 15,623 USD million to 24,077 USD million, while FCY/FCY spot purchases increased from 29,498 USD million to 37,188 USD million; this was the weekly high on September 25.

Interbank activity was also strong on the sales side. FCY/FCY spot sales ranged from 28,591 USD million to 32,154 USD million, while FCY/INR forward sales were recorded in the range of 1,834 USD million to 2,440 USD million.

Market signals and data limitations

This weekly data provides a daily snapshot of corporate, merchant and bank activity in the foreign exchange market, helping market participants understand the direction of demand for spot, forwards and swaps. Changes in purchase and sale levels across different days indicate that import-export payments, hedging requirements and bank-to-bank positioning continue to affect trading activity.

The RBI clarified that daily turnover in the interbank segment is based on data reported by both counterparties. The central bank also stated that the published figures are provisional and may therefore be subject to limited revisions later.

Our previous report on RBI Governor Sanjay Malhotra’s warning about global financial risks noted that tighter financial conditions, higher bond yields and rising leverage could affect banks and non-bank financial institutions. It also highlighted that a slowdown in the AI investment cycle or a sharp repricing of asset prices could increase market volatility, while the impact of external pressures on India could be seen mainly through capital flows, the rupee and funding costs.

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