# Reserve Bank turns net seller of US dollars in FY23; sells $25.52 billion in spot market | Business News - The Indian Express

> 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.

- Date: 2023-05-23 · published 2023-05-23T12:00:00.000Z
- Category: macro · region India · magnitude low
- Page: https://feedsoft.ai/events/36231-reserve-bank-turns-net-seller-of-us-dollars-in-fy23-sells-25-52-billion-in-spot
- Commodities: [Indian Rupee (INR per USD)](https://feedsoft.ai/c/USDINR.md)

## Why it matters

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.

## Read by commodity

- USDINR: neutral

## Sources

- preprod.indianexpress.com: https://preprod.indianexpress.com/article/business/banking-and-finance/rbis-monthly-bulletin-us-currency-reserve-bank-of-india-8625445/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.