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ForexMedium•30 April 2026•

1 min read

RBI FX Forward Book Surpasses $100B as Geopolitical Tensions Pressures Rupee

Key Facts

1The Reserve Bank of India's FX forward book has ballooned to over $100 billion.

2The increase comes as the Indian rupee faces significant pressure due to the war in Iran.

The Reserve Bank of India (RBI) has significantly expanded its foreign exchange forward book to over $100 billion to manage intensifying currency volatility. This surge comes as the Indian rupee faces substantial selling pressure driven by geopolitical instability and the ongoing conflict in Iran. By intervening heavily in the forwards market, the RBI aims to shield the domestic currency from external shocks and ensure adequate dollar liquidity. Analysts suggest that the massive scale of the forward book reflects severe currency stress and the transmission of geopolitical risks into emerging markets. As regional uncertainty persists, the rupee remains under pressure, necessitating continued vigilance and intervention from the central bank to maintain macroeconomic stability.