The Reserve Bank of India (RBI) turned a net purchaser of US dollars in June 2026, buying $561 million in the spot and over-the-counter (OTC) market after net sales of $6.1 billion in May and $3.6 billion in June 2025, according to the central bank's monthly bulletin. The June purchase, equivalent to about ₹5,505 crore, marked a shift in the RBI's currency market operations even as demand for foreign exchange from residents increased, the bulletin said.
The purchase reversed two consecutive months of net dollar sales and reduced the central bank's cumulative net sales for the fiscal year to -$14.5 billion, according to the bulletin.
RBI's Dollar Operations: June vs Prior Months
In the OTC segment, gross dollar purchases rose to $30.9 billion in June against sales of $30.3 billion, the bulletin reported. The net buying narrowed the RBI's cumulative net dollar sales for the fiscal year to -$14.5 billion and reduced its outstanding forward short position to -$103.3 billion. In the currency futures market, purchases and sales were balanced at $2.9 billion each, leaving zero net outstanding futures.
| Currency market metric | June 2026 figure |
|---|---|
| Net spot & OTC dollar purchase | $561 million (₹5,505 crore) |
| Net dollar sales – May 2026 | $6.1 billion |
| Net dollar sales – June 2025 | $3.6 billion |
| Gross OTC dollar purchases | $30.9 billion |
| Gross OTC dollar sales | $30.3 billion |
| Cumulative FY net dollar sales | -$14.5 billion |
| Outstanding forward short position | -$103.3 billion |
| Currency futures purchases | $2.9 billion |
| Currency futures sales | $2.9 billion |
| Net outstanding futures | $0 |
NRI Deposit Swap Scheme Shifts RBI's Intervention
The June turnaround was driven by a scheme the RBI announced that allowed commercial banks to offer higher yields on non-resident Indian (NRI) deposits while transferring the underlying currency risk to the RBI through a swap. The measure helped increase dollar inflows, enabling the central bank to absorb surplus foreign exchange and rebuild its reserves, according to the monthly bulletin. This policy move came at a time when resident demand for foreign exchange was increasing.
Resident Remittances Climb Under LRS
The dollar purchases came as resident Indians increased outward remittances under the Liberalised Remittance Scheme (LRS), the bulletin said. Remittances rose 6.5% month-on-month to $2.5 billion in June, nearly 20% higher than the same month a year earlier.
What the Data Signal for Corporate Treasuries
For CFOs, treasury directors and trade finance professionals tracking RBI intervention, the June data point to a lighter forward book: an outstanding forward short position of -$103.3 billion and a zero net futures position. The reduction in cumulative net sales to -$14.5 billion came after two months of heavy selling. The NRI deposit swap scheme that transferred currency risk to the RBI was instrumental in generating the inflows that allowed the central bank to absorb surplus dollars, according to the bulletin. These figures were published in the RBI's monthly bulletin and reflect the central bank's intervention activity in June.
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