RBI net short positions jump to record 104 billion as rupee defense tightens

Import cover slips below nine months as intervention scales

The RBI’s net short forward position rose to a record $104 billion in March, up from $77 billion in February, underscoring persistent efforts to shield the rupee from volatility. Officials say the intervention has strained overall coverage, pushing India’s import cover to under nine months—raising new concerns for currency stability.