MUMBAI (Reuters) - The Reserve Bank of India bought a net $5.45 billion in the spot foreign exchange market in July, sharply higher than the $597 million in June, data in a bulletin released by the central bank on Wednesday showed.
Net outstanding forward dollar purchases as of end-July stood at $5.4 billion as against net sales of $154 million in June.
The central bank has been buying dollars in the forex market, both spot and forwards, to prevent any sharp rise in the rupee which hit an 11-month high of 58.33 on May 23. It moved in a range of 60.57 to 59.52 in the month of July.
(Reporting by Neha Dasgupta and Swati Bhat; Editing by Subhranshu Sahu)