The Reserve Bank of India (RBI) net purchased US dollar worth $4.36 billion in the domestic currency market in November 2022, marking the first time since May 2022 that the central bank net bought the US currency.
The RBI purchased US dollar worth $22.28 billion and sold US dollar worth $17.92 billion in November, data in the central bank’s January 2023 Bulletin showed.
In April and May of 2022, the RBI had net bought $1.9 billion and $2 billion, respectively, in the foreign exchange market. However, from June to October, the central bank sold dollars every month.
In June, the net sales were at $3.7 billion, followed by $19.05 billion in July. In August, the RBI net sold $4.3 billion, followed by $10.36 billion in September and $922 million in October.
The period from June to October was a particularly volatile one for the rupee, with the domestic currency weakening to an all-time low
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