At $20 bn, RBI makes highest-ever dollar sales in spot markets in a month

The central bank has been intervening in all segments of the currency market, which has slowed the pace of rupee depreciation.

The Reserve Bank of India (RBI) sold $20 billion in March on a net basis in the spot markets — the highest ever in a month. In March, the rupee fell to an all-time low on March 7, as it approached the 77/$ mark — a level the RBI made an effort to protect, according to currency dealers. The Indian currency finally breached the 77/$ level earlier this month.
 
On Wednesday, the rupee hit an all-time closing low of 77.58/$. The previous highest sale of dollars was in October 2008 when the RBI sold $18.66 billion. The central bank