RBI bought net $6.93 billion in spot forex market in July: Bulletin data

The Reserve Bank of India (RBI) purchased a net $6.93 billion in the spot foreign exchange market in July, as per the central bank's monthly bulletin. The RBI bought $23.57 billion and sold $16.64 billion during the month. This intervention was aimed at curbing exchange rate volatility, as the Indian rupee depreciated by 0.4% against the dollar in July, trading in a range of 83.37 to 83.75. The RBI's net outstanding forward sales stood at $9.1 billion at the end of July, compared to $15.84 billion at the end of the previous month. The central bank's actions reflect its ongoing efforts to stabilize the currency and manage foreign exchange reserves. The rupee's performance and the RBI's interventions are crucial for maintaining economic stability, especially in the context of global financial market fluctuations.