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RBI sold $2.25bn in June to arrest rupee fall

The rupee depreciated sharply to fall below the 60 per dollar mark in June

August 13, 2013 9:21 IST | India Infoline News Service
The Reserve Bank of India (RBI) sold $2.25 billion in the local foreign exchange market in June as against $107 million in May to support the weakening rupee against the dollar, the central bank said in its monthly bulletin for August 2013 on Monday.

The RBI also sold $4.91 billion in the forwards market to prevent future weakness in the rupee. It had sold $5.80 billion in the forwards market in May.

The rupee depreciated sharply to fall below the 60 per dollar mark in June.
Dollar sales by RBI were necessary as the rupee touched a low of 60.73 per dollar after opening the month at 56.56.

Between April and June, RBI has sold $1.84 billion in the foreign exchange market, sucking out Rs127.27 billion of rupee liquidity in the process, the RBI bulletin added.

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