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The RBI turned a net seller of US dollars in fiscal 2023, selling $25.516 billion net in the spot market after buying in the previous three years. It sold heavily to curb rupee weakness linked to the Russia-Ukraine conflict and Fed rate hikes.
The RBI's monthly bulletin showed the data.
The RBI's intervention signals its willingness to defend the rupee, which affects the cost of dollar-priced feed imports for India. The data reports past activity and does not indicate a new price direction.
preprod.indianexpress.comENS Economic BureauMay 23, 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.
