RBI Buys Net $4.50 Bn In Spot Forex Market In June
The Reserve Bank of India (RBI) bought a net USD 4.50 billion in the spot foreign exchange market in June, data released on Thursday as part of the central bank's monthly bulletin showed.
The RBI purchased USD 7.79 billion and sold USD 3.28 billion, the bulletin showed. In May, the central bank bought a net of USD 7.37 billion in the spot market.
The Indian rupee appreciated by 0.7 per cent against the dollar in June, having traded in a range of 81.8575 to 82.6800.
The RBI’s net outstanding forward purchase stood at USD 19.47 billion as of end-June, compared with a net purchase of USD 19.27 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 closed at a record closing low of 83.1475 to the dollar on Thursday.
