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The Reserve Bank of India sold a net $20.1 billion in the spot foreign exchange market in the month of March to support the rupee against the U.S. dollar, its monthly bulletin showed on Tuesday. The central bank said its net outstanding forward dollar purchases rose to $65.79 billion at the end of March compared to $49.11 billion as of end February. In February, the RBI had sold a net $771 million in the spot market. The rupee moved in a band of 75.76 to 76.97 in the month of March. In March, the rupee hit its first record low for the year, breaking below 76.9050 per dollar which was last touched on April 22, 2020 amid the COVID-19 pandemic. The unit has now been hitting multiple record lows over the last two weeks on the back of broad strength in the dollar and severe risk aversion, touching a life low of 77.7975 earlier in the day. (Credits Reuters)
