MUMBAI (Reuters) – In August, the Reserve Bank of India (RBI) sold a net $6.49 billion in the foreign exchange market, as reported in their monthly bulletin released on Monday.
In July, they had a net purchase of $6.93 billion.
In August, the RBI bought $16.14 billion and sold $22.64 billion in the forex market.
While many Asian currencies rose 2% to 6%, the Indian rupee fell 0.2%, marking its second month of decline.
The RBI steps in to stabilize exchange rates in the spot and forward markets.
As of the end of August, the RBI’s net forward dollar sales were $18.98 billion, up from $9.1 billion the previous month.
On Monday, the rupee was valued at 84.0725 to the dollar.
(Reporting by Siddhi Nayak and Nishit Navin; Editing by Savio D’Souza)
