IGI Logo

The Reserve Bank of India (RBI) bought a net $4.50 billion in the spot foreign exchange market in June, data released on Thursday as part of the central bank's monthly bulletin showed.

The RBI purchased $7.79 billion and sold $3.28 billion, the bulletin showed. In May, the central bank had bought a net of $7.37 billion in the spot market.

The Indian rupee appreciated by 0.7% against the dollar in June, having traded in a range of 81.8575 to 82.6800.

The RBI’s net outstanding forward purchase stood at $19.47 billion as of end-June, compared with a net purchase of $19.27 billion at the end of the previous month, the data showed.

The central bank intervenes in the spot and forwards market to curb exchange rate volatility. The rupee closed at a record closing low of 83.1475 to the dollar on Thursday.