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RBI net sold $2.5 billion in FX spot market in August

Source : REUTERS
Last Updated: Thu, Oct 10, 2013 12:18 hrs
The Reserve Bank of India logo is pictured outside its head office in Mumbai

The Reserve Bank of India sold $3.2 billion in the forex spot market, and bought $724 million in August, the central bank's bulletin showed on Thursday.

In the month ago period, the central bank had sold $6 billion in the forex spot market, and bought $50 million.

The rupee has rebounded by more than 11 percent since hitting a record low of 68.85 against the dollar on August 28 after being hammered earlier this year on concerns over India's gaping current account deficit and expectations of reduced capital inflows to India once the U.S. Federal Reserve starts to scale back its stimulus programme.

In the forward dollar market, outstanding dollar sales rose to $9.1 billion in August from $4.7 billion a month ago.

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