RBI bought net $3.47 billion in spot foreign exchange market in July

The RBI said it purchased $5.32 billion and sold $1.84 billion in July. In June, the central bank had bought a net of $4.50 billion in the spot market

RBI, SHAKTIKANTA DAS, RESERVE BANK OF INDIA

1 min read Last Updated : Sep 18 2023 | 5:41 PM IST

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The Reserve Bank of India (RBI) bought $3.47 billion, on a net basis, in the spot foreign exchange market in July, according to data released on Monday as part of the central bank's monthly bulletin.

The RBI said it purchased $5.32 billion and sold $1.84 billion in July. In June, the central bank had bought a net of $4.50 billion in the spot market.

The Indian rupee depreciated by 0.2% against the dollar in July, when it traded in a range of 81.6650 to 82.7500.

The RBI's net outstanding forward purchase stood at $19.47 billion as of end-July, unchanged from the end of June, the data showed.

The central bank intervenes in the spot and forwards market to curb exchange rate volatility. The currency closed at 83.2675 to the dollar on Monday, after hitting an over 10-month low of 83.2725 earlier this in the day.