MUMBAI: The Reserve Bank of India sold a net of $3.66 billion in the spot foreign exchange market in June, data released late on Thursday as part of the central bank’s monthly bulletin showed.
The RBI said it purchased $1.16 billion and sold $4.82 billion during the month. In May, the central bank had bought a net of $1.76 billion in the spot market.
The Indian rupee had lost 0.2% on the month in June, underperforming other Asian peers amid a broad dollar downtrend. The currency moved in a band of 85.3025 to 86.8925 against the dollar during the month.
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The RBI’s net outstanding forward sales stood at $60.39 billion as of end-June, compared with net sales of $65.22 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 87.6250 per U.S. dollar on Thursday.
American Dollar Exchange Rate