RBI bought net $13.25 bn in spot forex market in March, shows bulletin
The RBI said it purchased $14.84 billion and sold $1.59 billion during the month. In the previous month, it had bought a net $8.56 billion in the spot market
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The central bank intervenes in the spot and forwards market to curb exchange rate volatility. The currency closed at 83.3050 against the dollar on Tuesday. Image: Bloomberg
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The Reserve Bank of India (RBI) bought a net $13.25 billion in the spot foreign exchange market in March, data released on Tuesday as part of the central bank's monthly bulletin showed.
The RBI said it purchased $14.84 billion and sold $1.59 billion during the month. In the previous month, it had bought a net $8.56 billion in the spot market.
The Indian rupee weakened by 0.6% against the dollar in March, and had traded in a range of 82.64 to 83.45.
The RBI's net outstanding forward sales stood at $541 million as of end-March, compared to net purchases of $9.69 billion at the end of February, the data showed.
The central bank intervenes in the spot and forwards market to curb exchange rate volatility. The currency closed at 83.3050 against the dollar on Tuesday.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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First Published: May 21 2024 | 4:59 PM IST