RBI bought $4.50 billion in the spot foreign exchange market in June

The Reserve Bank of India (RBI) purchased a net total of $4.50 billion in the spot foreign exchange market in June, according to the central bank's monthly bulletin. The RBI bought $7.79 billion, while it sold $3.28 billion of foreign currency in June.
 

In May, the RBI had recorded a net purchase of $7.37 billion in the spot market. The RBI was a net buyer of US dollar between February and May, accumulating $16 billion from the spot market. The RBI’s net outstanding forward purchase by the end of June stood at $19.47 billion, slightly higher than the previous month's figure of $19.27 billion.

The Indian rupee experienced a 0.7 per cent appreciation against the US dollar during June, trading within a range of Rs. 82.86 to Rs. 82.6800 per US dollar. As of December 30, 2022, India's foreign exchange reserves amounted to $562.8 billion. These reserves notably expanded by approximately $33 billion over the first half of the year 2023.