The Reserve Bank of India recorded a net total of $1.5
billion in foreign currency sales in September, according to its monthly
bulletin. During the same period, the RBI bought $27.8 billion and sold $29.3
billion worth of foreign currency.
In August, the RBI reported a net sale of $3.9 billion
in the spot market, marking the first time it became a net seller of the dollar
in the current financial year (2023-24).
During the second quarter of the current financial
year, the RBI acquired a net total of $1.9 billion in foreign currency, a noteworthy
decrease from the $33.7 billion recorded in the same quarter of the previous
financial year (2022-23).
For the first six months of the present financial
year, the central bank made a net purchase of $17.7 billion, a stark contrast
to the net sale of $33.4 billion in the first half of the previous financial
year.
In September, the rupee depreciated by 0.3 per cent.
By the end of September, the RBI’s net outstanding forward purchase stood at
$4.64 billion, a decrease from the $10.07 billion reported in August.
Throughout the current financial year, the rupee has
experienced a depreciation of 1.3 per cent, following a 7.8 per cent fall in
the previous financial year. In the current calendar year, the rupee has
depreciated by 0.6 per cent.
During the first six months of the calendar year, the
local currency appreciated by 0.16 per cent.
It’s noteworthy that as of December 30, 2022, India’s
foreign exchange reserves amounted to $562.8 billion, expanding by
approximately $33 billion over the first half of the year 2023.
Agency
