The Indian rupee depreciated by 0.4% against the dollar in July, the worst since March
The Reserve Bank of India (RBI) bought a net of US$6.93 billion in the spot foreign exchange market in July, data released on Friday (Sep 20) as part of the central bank’s monthly bulletin showed.
The RBI said it purchased US$23.57 billion and sold US$16.64 billion. In June, the central bank had sold a net of US$2.11 billion in the spot market.
The Indian rupee depreciated by 0.4 per cent against the dollar in July, the worst since March, and traded in a range of 83.37 to 83.75.
The RBI’s net outstanding forward sales stood at US$9.1 billion as of end-July, compared with a net sales of US$15.84 billion 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.
The rupee settled at 83.5625 on Friday, and gained nearly 0.4 per cent week-on-week, its strongest weekly rise this year. REUTERS
