RBI Sold Net $3.6 Billion In Spot Forex Market In April

The RBI said it purchased nearly $8 billion and sold $11.6 billion. (Representational)

Mumbai:

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.

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