The Reserve Bank of India’s (RBI) outstanding net forward sales of the dollar have surged to $67.93 billion as of December 31, 2024, as the central bank intensified its efforts to stabilise the rupee. This marks a significant increase in outstanding forward dollar sales of $14.58 billion just three months ago in September 2024, and a substantial rise from $541 million during the year ended March 2024. The high forward dollar sales position indicates that the RBI has been actively selling dollars in the forward market to defend the rupee amid concerns over US trade policies, sluggish domestic growth, and FPI outflows. In the spot market, the RBI’s dollar sales stood at $45 billion in the third quarter—$15.15 billion in December 2024, $20.22 billion in November and $9.27 billion in October—while it bought dollar worth $9.63 billion in September 2024, according to RBI data.