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The RBI became a net seller of US dollars in fiscal 2023, selling a net $25.52 billion in the spot market after three years as a net buyer. The sales were aimed at propping up the rupee, which had depreciated about 8% to near 82 per dollar over the year.
The article attributes the pressure to the Ukraine war's effect on oil import bills and Fed rate hikes.
The RBI's dollar sales show how much policy support the rupee has received, which shapes the cost of dollar-priced imports for Indian feed buyers. The article describes past intervention, so it does not signal a new price move.
indianexpress.comHitesh VyasMay 24, 2023Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
