Mumbai: The Reserve Bank of India`s net forward dollar book fell by $3.15 billion for up to one-year maturities in April, compared with a net rise of $2.49 billion in the previous month, according to Reuters calculations based on data from the central bank`s website.
The central bank likely took delivery of some of its forward dollars in April, which could have led to an overall fall in the net long forwards position month-on-month, dealers said.
India`s forex reserves rose $10.5 billion to $351.87 billion in April and after accounting for change in valuations of other currencies that the central bank holds, the RBI is estimated to have net bought about $7 billion that month including around $3-4 billion of forwards maturity, analysts said.
The rupee moved in a 62.04-63.77 per dollar band in April.
The RBI`s total long forwards position for up to one-year maturities was $34.46 billion as of April-end compared with $37.07 billion in March, according to RBI data.
The total short position in the up to one-year forwards market was $3.32 billion as of April-end, compared with $2.78 billion in March. The net positions up to one year stood at $31.14 billion end-April from $34.29 end-March.
The aggregate short positions in forwards for more than one year maturities stood at $25.97 billion, the data showed.
