# RBI’s dollar sale hit an all-time high to curb rupee’s race to the bottom. An explainer | Mint

> The Reserve Bank of India sold a net $20 billion in spot markets in March 2022, the largest monthly amount on record, to slow rupee depreciation. The rupee reached an all-time closing low of 77.58 per dollar on May 18. The article links the currency fall to the Russia-Ukraine war, crude prices and Fed tightening.

- Date: 2022-05-19 · published 2022-05-19T12:00:00.000Z
- Category: macro · region India · magnitude low
- Page: https://feedsoft.ai/events/41687-rbi-s-dollar-sale-hit-an-all-time-high-to-curb-rupee-s-race-to-the-bottom-an
- Commodities: [Indian Rupee (INR per USD)](https://feedsoft.ai/c/USDINR.md)

## Why it matters

Explainer on rupee defence; the effect on feed buyers is indirect, through the cost of imported crude and vegetable oils priced in dollars.

## Read by commodity

- USDINR: bullish ▲

## Sources

- livemint.com: https://www.livemint.com/money/personal-finance/rbis-dollar-sale-hit-an-all-time-high-to-curb-rupee-s-race-to-the-bottom-an-explainer-151652949650696.html

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