RBI Bought Net $5.45 Billion in Spot Forex Market in July

Mumbai: The Reserve Bank of India (RBI) bought a net $5.45 billion in the spot foreign exchange market in July, sharply higher than the $597 million in June, data in a bulletin released by the apex bank on Wednesday showed.

Net outstanding forward dollar purchases as of end-July stood at $5.4 billion as against net sales of $154 million in June.

The RBI has been buying dollars in the forex market, both spot and forwards, to prevent any sharp rise in the rupee which hit an 11-month high of 58.33 on May 23.

It moved in a range of 60.57 to 59.52 in the month of July.

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