RBI sold $922 million in foreign exchange market in October: Bulletin

Forward purchase book shrinks $10 bln as RBI spreads out interventions

The Reserve Bank of India (RBI) net sold $922 million in the foreign exchange market in October, the latest data in the central bank’s December bulletin showed.

While the net sale of dollars in October was far lower than $10.36 billion in September, the data showed a huge reduction in the RBI’s net long forward book, suggesting that the central bank had heavily intervened through the forwards segment of the currency market.

The data showed that the RBI’s outstanding net forward purchase book was at $241 million in October, $10.18 billion lower than $10.42 billion in September. The net forward