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The Reserve Bank of India (RBI) was actively engaged in the foreign exchange market in July, as revealed by the central bank’s monthly bulletin. During the month, the RBI purchased a net total of $3.47 billion, underscoring its efforts to manage currency dynamics.

In July, the RBI’s transactions included buying $5.32 billion and selling $1.84 billion. Comparatively, in June, the central bank had net purchases of $4.50 billion in the spot market.

The Indian rupee (USDINR) experienced a marginal depreciation of 0.2% against the U.S. dollar throughout July, trading within a range of 81.6650 to 82.7500.

The RBI’s net outstanding forward purchase remained stable at $19.47 billion as of the end of July, unchanged from the previous month’s figures.

The central bank’s active involvement in both the spot and forward markets is aimed at mitigating exchange rate volatility. On Monday, the rupee closed at 83.2675 to the dollar, following an earlier dip to an over 10-month low of 83.2725 during the day.

This data underscores the RBI’s ongoing efforts to manage the Indian rupee’s exchange rate and stabilize currency markets amid evolving economic conditions.