India merchant FX spot purchases fall in October 26–30 despite longer trading week
RBI data show merchant FCY/INR spot purchases fell in October 26–30, 2026, despite an extra trading day. Merchant sales and both interbank directions recorded higher weekly sums than in the previous four-day week.
Merchant FCY/INR spot purchases fell in the October 26–30, 2026 trading week even though it contained five trading days, compared with four in the previous reported week. Reserve Bank of India provisional figures put purchases at USD 32,224 million, down from USD 35,827 million in the week starting October 19. The decline therefore occurred despite a longer reporting week, rather than reflecting fewer trading days.
Merchant spot sales moved in the opposite direction, rising to USD 39,011 million from USD 36,857 million. That divergence is the clearest feature of the merchant figures: purchases eased while sales increased. All amounts are weekly sums of daily reported legs, not daily averages. The additional trading day matters particularly when interpreting the higher sales sum, which alone does not establish a faster daily pace of activity.
Interbank increases require a calendar qualification
Interbank spot purchases reached USD 100,016 million, compared with USD 79,660 million in the preceding reported week. Interbank spot sales rose to USD 92,682 million from USD 75,318 million. Both directions thus registered larger weekly sums, but the change from four to five trading days prevents a like-for-like reading of those totals as changes in trading intensity.
The merchant purchase history also argues against treating the latest decline as an unusually weak observation. Purchases remained above the USD 23,784 million recorded in the five-day week starting October 12, while remaining below the USD 36,314 million recorded in the five-day week starting July 13. Those equal-length comparisons place the latest reading within the range of recent activity rather than establishing a sustained downturn.
The market-structure signal is consequently mixed, not a uniform expansion or contraction in spot activity. Merchant purchases and sales are separate directions, and interbank reporting includes both counterparties. Neither directions nor segments can be added to produce a unique Indian FX-market total. The higher interbank sums also do not, by themselves, demonstrate improved liquidity, capital inflows or a particular exchange-rate direction.
Article information
This article draws on the cited sources and relevant public material. It may include summaries, translations or supporting analysis and does not replace the full announcement, regulatory document or dataset. Check facts, definitions, statistical methods and effective conditions against the original source, particularly where a translation differs.
Companies, broker brands and legal entities must be distinguished. A licence, permission or announcement concerning one entity should not automatically be applied to related brands, other entities, products or jurisdictions. Reporting and commentary do not constitute investment advice, trading recommendations or assurances of safety, compliance or suitability.
Information is time-sensitive: announcements, register entries and data may be updated or revised. The publication and update dates on this page refer to this website’s article record and may differ from the event or original release date. Before acting, check current source material, the applicable jurisdiction and your actual contracting entity.
Comments