RBI pumped in $2.5 billion in April to cut rupee volatility

The Reserve Bank of India (RBI) sold greenbacks worth $2.483 billion in April after it bought $996 million from the spot market in March.

In April, the apex bank purchased $5.536 billion and sold $8.019 billion in the spot market, according to the RBI’s June bulletin. This was against a net purchase of $566 million in April 2017.

India’s foreign exchange reserves stood at $412.23 billion in June 1. 

In March this year, RBI had bought $3.328 billion and sold $2.332 billion in the spot market. RBI’s intervention in the foreign exchange market is to curb volatility in the Indian currency. The rupee