After selling $20 billion in March in the foreign exchange market in March, the Reserve Bank of India turned net buyer of dollars in April.
According to the latest data, the RBI purchased $1.96 billion in April.
The central bank has been aggressively intervening in the foreign exchange market since the war broke out in Europe in late February, following which most emerging market currencies are feeling the heat as investors rushed for safe haven assets.
The rupee has depreciated 4.8 per cent against the dollar in 2022.
The Indian unit traded in a tight range on Thursday and ended the day at 78.08/$ as compared to Wednesday’s closing of 78.07/$. It was at yet another all-time low.
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