Merchant and Inter-Bank Forex Trades Show Volatility as RBI Releases Daily Turnover Data
The Reserve Bank of India (RBI) has released the Foreign Exchange Turnover data for the period spanning June 29, 2026, to July 03, 2026. This provisional dataset provides a granular look at daily merchant and inter-bank transactions across various currency instrument types. All figures are presented in USD Millions.Merchant FX Transactions Overview (June 29 - July 03)
The data reveals varying levels of activity within the retail forex segment, tracked under both Spot and Forward categories. During these five days, the total reported merchant purchases ranged from 7,985 USD Million on June 30, 2026, to 9,448 USD Million on June 29, 2026.In terms of merchant sales, figures demonstrated a slight decline over the period. Sales registered at 1,293 USD Million (Spot) and 1,522 USD Million (Forward) on June 29, 2026. This trend continued slightly lower on subsequent days, reaching 304 USD Million for Spot sales on July 3, 2026.
Cancellation of Forwards activity showed some fluctuation across the period. On June 29, 2026, cancellations were recorded at 2,311 USD Million. This figure saw a notable drop to 989 USD Million on July 2, 2026, before increasing slightly to 887 USD Million on July 3, 2026.
Inter-Bank FX Market Activity Snapshot
Inter-bank transactions exhibited significant scale and stability throughout the reporting period. These institutional trades cover Spot, Swap, and Forward markets concerning both FCY/INR and FCY/FCY pairings.Across the board, inter-bank activity consistently maintained high levels of engagement. For instance, in terms of Inter-Bank purchases (FCY/INR), figures recorded 20,937 USD Million on June 29, 2026. This was followed closely by the institutional market volume of 20,259 USD Million recorded on June 30, 2026.
The Forward segment in the Inter-Bank market also maintained strong levels. The data shows that Forward activity for FCY/FCY reached 459 USD Million on June 29, 2026. This metric remained steady but showed variations, reporting 324 USD Million on July 3, 2026.
Comparative Analysis of Merchant and Inter-Bank Trades
While the merchant segment transactions are generally in the lower hundreds or thousands of USD Million range, the inter-bank market operations operate at a much larger scale.For example, in the crucial FCY/INR Spot category for Inter-Bank trading, volumes ranged from 13,672 USD Million on July 3, 2026, up to 24,912 USD Million recorded on June 30, 2026.
The Swap market within the inter-bank segment also showed considerable activity, reporting a high of 5,881 USD Million in FCY/FCY transactions on June 29, 2026. This highlights the depth and variety of financial instruments traded by institutional players under RBI's oversight during this period.
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