 "RBI, Reserve Bank of India")
RBI intervenes in the spot and forwards market to curb exchange rate volatility. (File Photo)
The Reserve Bank of India (RBI) sold $3.65 billion on a net basis in the spot foreign exchange market in April, data released on Wednesday as part of the central bank’s monthly bulletin showed.
The RBI said it purchased nearly $8 billion and sold $11.6 billion.
In March, the central bank had bought a net of $13.2 billion in the spot market.
The Indian rupee was little changed month-on-month in April but fell to its record low of 83.5750 during the month while its upside was capped at 83.15.
The RBI’s net outstanding forward sales stood at $16.3 billon as of end-April, compared with net forward sales of $541 million at the end of the previous month, the data showed.
The central bank intervenes in the spot and forwards market to curb exchange rate volatility of the rupee.
First Published: Jun 19 2024 | 5:24 PM IST
