RBI sold $511 mn in Aug

To curb volatility of rupee, the Reserve Bank of India (RBI) had, for the first time in six months, sold dollars in the foreign exchange market. In August, RBI had sold $ 511 million in the spot market. Prior to this, RBI had sold dollar was in February when it sold $530 million. Between March and July, RBI purchased $2.1 billion from the spot market, as reflected in the rise of foreign exchange reserves, which reached high levels during the last week of July when it touched $ 320.5 billion.