 "Net $1.6 billion sold in spot FX market in February: RBI bulletin")
The Reserve Bank of India (RBI) sold a net of $1.6 billion in the spot foreign exchange market in February, data released on Tuesday as part of the central bank's monthly bulletin showed.
The RBI said it purchased $45.03 billion and sold $46.6 billion. In January, the central bank had sold a net of $11.1 billion in the spot market.
The Indian rupee hit a record low of 87.95 in February, hurt by portfolio outflows, and uncertainty about U.S.
trade tariffs.
The RBI's net outstanding forward sale stood at $88.7 billion as of end-February, compared with a net sale of $77.5 billion at the end of the previous month, the data showed.
The central bank intervenes in the spot and forwards market to curb exchange rate volatility.
The rupee was at 85.18 to the dollar on Tuesday.
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