The Reserve Bank of India (RBI) sold a net of $2.54 billion in the spot foreign exchange market in July, data released on Monday as part of the central bank’s monthly bulletin showed.
The RBI said it did not purchase any dollars and sold $2.54 billion. In June, the central bank had sold a net of $3.6 billion in the spot market.
The Indian rupee fell 2% in July, its worst decline since September 2022.
The RBI’s net outstanding forward sale stood at $57.85 billion as of end-July, compared with a net sale of $60.4 billion at the end of the previous month, the data showed.
The central bank intervenes in the spot and forward markets to curb exchange rate volatility.
On Wednesday, the Indian rupee ended little changed, at 88.69 versus the U.S. dollar, as the RBI likely intervened to stave off pressure on the local unit amid concerns about steep U.S. tariffs and a visa fee hike.
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