Global FX Flow Surge: Merchant and Interbank Turnover Reaches High Levels as RBI Releases Daily Data

Global FX Flow Surge: Merchant and Interbank Turnover Reaches High Levels as RBI Releases Daily Data​

The Reserve Bank of India (RBI) has released its Foreign Exchange Turnover Data for the week spanning July 06, 2026, through July 10, 2026. This data provides a granular look into daily merchant and Inter-Bank transactions in foreign exchange, highlighting robust activity across both retail trade flows and institutional money markets.

All figures presented are denominated in USD Millions. The comprehensive data release offers critical insights into the resilience of cross-border financial movements during this period.

Merchant Market Dynamics: Analyzing FCY/INR Transactions​

The merchant market segment reveals active participation in currency exchanges, with purchases forming a significant portion of daily activity across the five reported days.

In terms of FCY/INR Purchases through the Merchant channel, transaction volumes were consistently high. The purchases on July 06, 2026, stood at 4,257 USD Millions, while this figure reached its highest point on July 08, 2026, at 5,054 USD Millions.

Merchant Sales activity showed a steady flow throughout the period. Total sales for FCY/INR were recorded at 5,622 USD Millions on July 06, and this figure saw a high of 5,301 USD Millions by July 10, concluding the reporting period. Cancellation of Forwards remained steady across the five days, ranging from 802 to 1,202 USD Millions.

Interbank Segment: Insights into Institutional FX Movement​

The institutional landscape, covered under Interbank transactions, witnessed substantial volumes in both FCY/INR and FCY/FCY markets. These figures reflect large-scale financial flows between banks and institutions.

In the FCY/INR Interbank purchases category, activity was extremely concentrated. Purchases peaked at 23,815 USD Millions on July 07, followed by a strong figure of 25,023 USD Millions recorded on August 08, demonstrating intense institutional demand for currency exchange services.

Interbank Sales showed varied patterns throughout the reporting period. On July 06, Interbank sales totaled 14,932 USD Millions. The selling trend was evident on July 07, with a turnover of 18,744 USD Millions recorded in FCY/INR segment.

Foreign Exchange Turnover Across Key Market Segments​

When examining the integrated data set, it is clear that both Merchant and Interbank markets demonstrate considerable volume, yet distinct operational characteristics.

Merchant activity included transactions against stable currency pairings (FCY/FCY). Purchases in this segment ranged from 149 USD Millions to 385 USD Millions across the five days. The overall trajectory suggests continuous engagement with derivative and spot market instruments by merchants.

Interbank FCY/FCY Spot purchases were particularly high, registering peaks of 2,688 USD Millions on July 09, indicating strong institutional activity in cross-currency swaps and direct exchange. This figure stood at 7,170 USD Millions for sales on the final day, July 10, which represents a significant trading volume.