India cbank says bought net $597 mln in spot forex market in June-bulletin

Last Updated: Mon, Aug 11, 2014 17:40 hrs

MUMBAI, Aug 11 (Reuters) - The Reserve Bank of India bought a net $597 million in the spot foreign exchange market in June, lower than the $1.79 billion in May, data in a bulletin released by the central bank on Monday showed.

The net outstanding forward dollar sales as of end-June stood at $154 million compared with $11.46 billion in May.

The central bank has been buying dollars in the forex market, both spot and forwards, to prevent any sharp rise in the rupee which hit an 11-month high of 58.33 on May 23. (Reporting by Neha Dasgupta; Editing by Biju Dwarakanath)

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