Short dollar forward positions ballooned to $106.7 billion in May.
500 rupee banknotes counted by a cash counting machine at a currency exchange in New Delhi, India, on Saturday, Aug. 30, 2025. The Indian rupee slumped to a record low versus the dollar on concern that 50% US tariffs will hurt the country’s economic growth and corporate earnings. Photographer: Prakash Singh/Bloomberg
Over the past two years, India’s central bank built one of the world’s largest bearish dollar bets to support a persistently weak rupee. It now faces the challenge of unwinding that position without destabilizing the currency market.
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