# India central bank likely buying dollars to absorb inflows - traders | Kitco News

> Three traders told Reuters on May 2, 2023, that the Reserve Bank of India was likely buying dollars through state-run banks to stop the rupee from appreciating after long-weekend inflows. The rupee traded at 81.8275 per dollar. The dollar index was down 0.2% at 101.92.

- Date: 2023-05-02 · published 2023-05-02T12:00:00.000Z
- Category: macro · region India · magnitude low
- Page: https://feedsoft.ai/events/36233-india-central-bank-likely-buying-dollars-to-absorb-inflows-traders-kitco-news
- Commodities: [Indian Rupee (INR per USD)](https://feedsoft.ai/c/USDINR.md)

## Why it matters

RBI dollar buying limits rupee gains, which keeps dollar-priced imports costlier for Indian feed buyers. The report is based on trader comments and has little direct effect on global feed prices.

## Read by commodity

- USDINR: bullish ▲

## Sources

- kitco.com: https://www.kitco.com/news/off-the-wire/2023-05-02/india-central-bank-likely-buying-dollars-absorb-inflows-traders

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