MUMBAI, Nov 12 (Reuters) - The Reserve Bank of India (RBI) sold $310 million in the local forex market in September and bought $300 million, compared with net sales of $452 million in the previous month, data from the central bank showed on Monday.
The rupee gained 5.1 percent against the dollar in September, its biggest monthly gain since January, buoyed by reform measures announced by the government that included opening up multibrand retail and aviation to foreign investors.
It closed at 54.88/89 to a dollar on Monday, after falling to as low as 55.12, hurt by a record trade deficit and contraction in factory output that stoked fears about economic growth at a time of continued high inflation.
In the forward dollar market, outstanding dollar sales fell to $14.05 million in September from $14.11 million in August, RBI data showed. (Reporting by Shamik Paul; Editing by Sunil Nair)