MUMBAI (Reuters) – The Reserve Bank of India (RBI) sold $1.93 billion, on a net basis, in the spot foreign exchange market in November, data released on Thursday as part of the central bank’s monthly bulletin showed.
The RBI said it purchased nearly $35 billion and sold $36.9 billion. In October, the central bank had sold a net of $310 million in the spot market.
The rupee depreciated by 0.2% against the dollar over November, during which it hit a lifetime low of 82.42.
The RBI’s net outstanding forward sales stood at $11.9 billion as of end-November, compared with net forward sales of $$14.6 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 of the rupee.
(Reporting by Siddhi Nayak; Editing by Savio D’Souza)