Sold net $9.28 bn in spot forex market in October, says RBI Bulletin

The Reserve Bank of India sold a net of $9.28 billion in the spot foreign exchange market in October, data released as part of its monthly bulletin showed on Tuesday. 

The central bank said it purchased $27.5 billion and sold $36.78 billion during the month. It had bought a net of $9.64 billion in the spot market in September. 

The RBI intervenes in the spot and forwards market to curb exchange rate volatility. 

Over the last few months, the RBI has been intervening in the foreign exchange market to ensure an orderly movement of the Indian rupee. 

The local currency had depreciated by 0.3% against the U.S. dollar in October and traded in a broad range of 83.79 to 84.0950. 

The RBI's net outstanding forward sale stood at $49.18 billion as of October end, compared with a net sale of $14.58 billion at the end of the previous month, the data showed. 

The rupee declined to 85.2075 against the dollar on Tuesday, hitting an all-time low for the sixth consecutive trading session and ended at 85.20.  (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.)