Inter-Bank FX Trade Dominates: RBI Data Reveals Sustained Flow and Robust Merchant Activity in Foreign Exchange Markets
The Reserve Bank of India (RBI) has released its detailed daily Foreign Exchange Turnover data for the period spanning June 08, 2026, through June 12, 2026. The comprehensive data set provides a granular look at both merchant-level transactions and high-volume inter-bank market activities across various currency combinations.All figures reported in this release are denominated in USD Millions, showcasing the intensity and breadth of international financial movements recorded by the central bank during the five days.
Inter-Bank Market Performance Highlights
The inter-bank segment proved to be a crucial area of activity throughout the period. The volume traded across various derivatives and spot markets demonstrated significant consistency, reflecting active participation from major financial institutions.In terms of FCY / INR Spot transactions, purchases averaged robustly high figures, ranging from 18,692 USD Million on June 08 to 21,771 USD Million on June 12. Conversely, the sales side recorded activities between 20,327 USD Million and 22,025 USD Million over the five days.
Merchant Transaction Trends Unveiled
Merchant transactions provide insight into corporate foreign exchange requirements. The activity was segmented across FCY / INR (Spot and Forward) and FCY / FCY markets.For merchant purchases involving FCY / INR Spot, figures spanned from 4,213 USD Million to a high of 6,643 USD Million on June 12, indicating varying levels of currency acquisition needs among businesses. Merchant sales in this category were observed between 5,624 USD Million and 6,643 USD Million.
Snapshot of Derivatives and Forward Market Activity
The data also captured derivative activities crucial to hedging and financial planning. Within the merchant segment, transactions involving FCY / FCY moved consistently across both spot (e.g., 470 to 585) and forward markets.In the derivatives space for inter-bank trading, Swap and Forward transactions showed consistent volumes. For instance, in FCY/INR Inter-Bank Spot trades, the Swap segment saw figures ranging from 2,652 USD Million (Sales on June 08) to 2,241 USD Million (Sales on June 12).
Consistency Across Financial Segments
Overall, the five-day report indicates a steady and mature operational rhythm across both merchant and inter-bank foreign exchange markets. High volumes were recorded uniformly across Spot, Forward, and Swap transactions in all categories.The presence of consistent activity in cancellation of forwards across both merchant and inter-bank segments underscores continuous engagement with derivatives instruments for risk mitigation by market participants.
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