What the figures mean
The monthly template reports reserve assets separately from foreign-currency positions, with their maturities and valuations distinguished.
The derivative memo item does not measure cash already paid, and subtracting it from reserve assets cannot establish usable reserves.
Read the August position alongside its maturity and valuation basis.
At the end of August 2026, the RBI's outstanding net forward sales of US dollars stood at 200,055 million US dollars, which is the largest of any month end in the RBI Bulletin's series from April 1995. That was 63,287 million US dollars more than at the end of July 2026, which had until then been the largest month end in the series.
Of that total, the net short position maturing in more than one year was 176,571 million US dollars. The reserves template prints the same value in Section IV.1(f).
The signed memo item covers forward, futures or options contracts beyond one year that are subject to margin calls.
The RBI Bulletin of October 2026 prints the forward book in two tables: Table 4 gives the total at the end of each month, and Table 4A splits that total by the time left before the contracts mature.
The RBI reports reserves separately from foreign-currency positions. The monthly template gives the details behind each aggregate.
The end-August 2026 memo item covers forward, futures or options contracts with more than one year left to maturity that are subject to margin calls. Read that memo item separately, because its maturity differs from the positions in the short-term tables.
A derivative position does not record cash already paid. The template also distinguishes market values from nominal values. Keep the separate meaning of each measure when reading the figures.
Each mark gives the signed Section IV.1(f) value for its reference month. This item covers derivatives beyond one year that are subject to margin calls.
The chart covers the seventeen reference months held here and makes no claim about earlier years.
Each column keeps the label and sign used in its source. A blank cell would stay missing and would not be counted as zero.
Each column keeps the label and sign used in its source. A blank cell would stay missing and would not be counted as zero.
The archive gives the release date; the heading gives the reference month. Each source record keeps both dates, together with the hash of the saved file.
Section I.A reports reserve assets at approximate market value. Section II reports predetermined short-term net drains at nominal value. Section IV records memo items under their own labels.
Do not subtract the displayed derivative memo item from reserve assets and call the balance usable reserves. These figures do not establish a current cash outflow either.
The evidence ends in August, with no estimate inserted for the next reference month. It does not establish that the September template has arrived.
Source: RBI Bulletin, October 2026, Current Statistics Table 4, issued 2026-10-23 RBI Bulletin, October 2026, Current Statistics Table 4A, issued 2026-10-23 RBI Data Template on International Reserves and Foreign Currency Liquidity, issued 2026-09-30, IV.1(f) .
The record compares the end of August 2026 with all 376 earlier month ends from April 1995 to July 2026, as the Bulletin printed them in its issues from January 1997 to October 2026.
Outstanding net forward sales, RBI Bulletin
Each bar is the RBI's outstanding net forward sales at a month end, as the October 2026 Bulletin prints it.
View the figures in a table
| Reference date | Value | Source issue |
|---|---|---|
| July 2026 | -136768 | 2026-10-23 |
| August 2026 | -200055 | 2026-10-23 |
Latest source: RBI Bulletin, October 2026, Current Statistics Table 4, issued 2026-10-23 RBI Bulletin, October 2026, Current Statistics Table 4A, issued 2026-10-23 RBI Data Template on International Reserves and Foreign Currency Liquidity, issued 2026-09-30, IV.1(f) . Each table and CSV row links its dated source.
Derivatives beyond one year, subject to margin calls
Each mark gives the signed Section IV.1(f) value for its reference month. This item covers derivatives beyond one year that are subject to margin calls.
View the figures in a table
| Reference date | Value | Source issue |
|---|---|---|
| April 2025 | -20100.0 | 2025-05-30 |
| May 2025 | -20100.0 | 2025-06-30 |
| June 2025 | -20100.0 | 2025-07-31 |
| July 2025 | -20100.0 | 2025-08-29 |
| August 2025 | -20100.0 | 2025-09-30 |
| September 2025 | -20100.0 | 2025-10-31 |
| October 2025 | -26175.0 | 2025-11-28 |
| November 2025 | -28075.0 | 2025-12-31 |
| December 2025 | -31723.0 | 2026-01-30 |
| January 2026 | -40277.0 | 2026-02-27 |
| February 2026 | -49105.0 | 2026-03-31 |
| March 2026 | -52803.0 | 2026-04-30 |
| April 2026 | -50728.0 | 2026-05-29 |
| May 2026 | -56072.0 | 2026-06-30 |
| June 2026 | -64213.0 | 2026-07-31 |
| July 2026 | -91541.0 | 2026-08-31 |
| August 2026 | -176571.0 | 2026-09-30 |
Latest source: RBI Bulletin, October 2026, Current Statistics Table 4, issued 2026-10-23 RBI Bulletin, October 2026, Current Statistics Table 4A, issued 2026-10-23 RBI Data Template on International Reserves and Foreign Currency Liquidity, issued 2026-09-30, IV.1(f) . Each table and CSV row links its dated source.
Downloads
Sources and terms
- Outstanding net forward sales
- The RBI Bulletin's measure, at the end of a month, of the US dollars the RBI had sold forward, net of those it had bought forward, under contracts that had not yet been settled.
- Section IV.1(f)
- This memo item covers derivatives with residual maturity beyond one year that are subject to margin calls.
- RBI Data Template on International Reserves and Foreign Currency Liquidity, issued 2025-05-30, IV.1(f) .
- RBI Data Template on International Reserves and Foreign Currency Liquidity, issued 2025-06-30, IV.1(f) .
- RBI Data Template on International Reserves and Foreign Currency Liquidity, issued 2025-07-31, IV.1(f) .
- RBI Data Template on International Reserves and Foreign Currency Liquidity, issued 2025-08-29, IV.1(f) .
- RBI Data Template on International Reserves and Foreign Currency Liquidity, issued 2025-09-30, IV.1(f) .
- RBI Data Template on International Reserves and Foreign Currency Liquidity, issued 2025-10-31, IV.1(f) .
- RBI Data Template on International Reserves and Foreign Currency Liquidity, issued 2025-11-28, IV.1(f) .
- RBI Data Template on International Reserves and Foreign Currency Liquidity, issued 2025-12-31, IV.1(f) .
- RBI Data Template on International Reserves and Foreign Currency Liquidity, issued 2026-01-30, IV.1(f) .
- RBI Data Template on International Reserves and Foreign Currency Liquidity, issued 2026-02-27, IV.1(f) .
- RBI Data Template on International Reserves and Foreign Currency Liquidity, issued 2026-03-31, IV.1(f) .
- RBI Data Template on International Reserves and Foreign Currency Liquidity, issued 2026-04-30, IV.1(f) .
- RBI Data Template on International Reserves and Foreign Currency Liquidity, issued 2026-05-29, IV.1(f) .
- RBI Data Template on International Reserves and Foreign Currency Liquidity, issued 2026-06-30, IV.1(f) .
- RBI Data Template on International Reserves and Foreign Currency Liquidity, issued 2026-07-31, IV.1(f) .
- RBI Data Template on International Reserves and Foreign Currency Liquidity, issued 2026-08-31, IV.1(f) .
- RBI Data Template on International Reserves and Foreign Currency Liquidity, issued 2026-09-30, IV.1(f) .
- RBI Bulletin, October 2026, Current Statistics Table 4, issued 2026-10-23 .
- RBI Bulletin, October 2026, Current Statistics Table 4A, issued 2026-10-23 .