 "RBI, Reserve Bank of India")
Reserve Bank of India | (Photo: Shutterstock)
The Reserve Bank of India (RBI) bought a net of $6.93 billion in the spot foreign exchange market in July, data released on Friday as part of the central bank’s monthly bulletin showed.
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The RBI said it purchased $23.57 billion and sold $16.64 billion. In June, the central bank had sold a net of $2.11 billion in the spot market.
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The Indian rupee depreciated by 0.4 per cent against the dollar in July, the worst since March, and traded in a range of 83.37 to 83.75.
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The RBI’s net outstanding forward sales stood at $9.1 billion as of end-July, compared with a net sales of $15.84 billion at the end of the previous month, the data showed.
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The central bank intervenes in the spot and forwards market to curb exchange rate volatility.
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The rupee settled at 83.5625 on Friday, and gained nearly 0.4 per cent week-on-week, its strongest weekly rise this year.
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(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
First Published: Sep 20 2024 | 5:41 PM IST
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