archiveReserve Bank of India

(Bloomberg) -- India’s central bank sold US dollars across both onshore and offshore currency markets this month to prop up the rupee as it weakened toward a record low, according to people familiar with the transactions. The Reserve Bank of India sold at least $5 billion worth of the US currency, one of the people said, asking not to be identified as the information is private. The RBI didn’t immediately respond to an email requesting comment on the matter. If the trend persists, it could become RBI’s largest month of...

MUMBAI, August 7 (Reuters) - The Reserve Bank of India has resumed intervention in the non-deliverable forwards market over the past fortnight to manage rupee volatility triggered by mounting trade tensions with the United States, four bankers told Reuters. This marks a return to a tool the central bank had largely refrained from using over the past seven months since Sanjay Malhotra took over as RBI governor and dialled back on currency intervention. The rupee has appeared increasingly vulnerable in recent weeks amid uncertainty over whether India will reach a...