The Reserve Bank of India (RBI) made a noteworthy impact in the foreign exchange market in July, purchasing a net total of $3.47 billion, as reported in the monthly bulletin. This transaction comprised buying $5.32 billion and selling $1.84 billion of foreign currency. In comparison, June witnessed the RBI acquiring a net $4.50 billion in the spot market. During July, the Indian rupee depreciated by 0.2% against the dollar, trading within a range of 81.6650 to 82.7500. The RBI maintained its outstanding forward purchase at $19.47 billion by the end of July, unchanged from June. These interventions serve to stabilize exchange rates, with the rupee closing at 83.2675 to the dollar on Monday, after briefly touching a 10-month low of 83.2725 earlier in the day.
RBI Purchases $3.47 Billion in Spot Forex Market in July
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