RBI sold foreign exchange worth $3.66 billion in June, notes August bulletin

The Reserve Bank of India sold a net of $3.66 billion in the spot foreign exchange market in June, data from RBI’s monthly bulletin showed. The central bank purchased $1.16 billion and sold $4.82 billion during the month. In May, the central bank had bought a net of $1.76 billion in the spot market. The RBI's net outstanding forward sales stood at $60.39 billion as of end-June, compared with net sales of $65.22 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. RBI also noted in the August bulletin that India’s external sector remained resilient with a modest current account deficit and forex reserves covering 11 months of imports. India's forex reserves surged by $1.48 billion to $695.10 billion for the week ending August 15, data by the Reserve Bank of India showed last week.