– Bulletin Mumbai, August 17 (Reuters) –

The Reserve Bank of India (RBI) bought a net $4.50 billion in the spot foreign exchange market in June, according to data released on Thursday as part of the central bank’s monthly bulletin.

The bulletin showed that RBI bought $7.79 billion and sold $3.28 billion. In May, the central bank made a net purchase of $7.37 billion in the spot market.

The Indian rupee gained 0.7% against the dollar in June and traded in a range of 81.8575 to 82.6800.

The data showed that the RBI’s net outstanding advance purchases stood at $19.47 billion at the end of June, compared to $19.27 billion at the end of the previous month.

The central bank intervenes in the spot and futures markets to prevent exchange rate volatility. On Thursday, the rupee closed at a record low of 83.1475 against the dollar.

first published: 17 August 2023 | 6:52 pm First

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