The Reserve Bank of India (RBI) bought $750 million on a net basis in the spot foreign exchange market in March, data released on Monday (22nd May 2023) as part of the central bank's monthly bulletin showed.

* The RBI said it purchased $6.91 billion and sold $6.16 billion. In February, the central bank had bought $254 million on a net basis in the spot market.

* The Indian rupee appreciated by 0.6% against the dollar in March. The unit traded in a range of 81.6150 to 82.80.

* The RBI's net outstanding forward purchase stood at $23.6 billion as of end-March, compared with a net purchase of $20.47 billion at the end of the previous month, data released on Monday showed.

* The central bank intervenes in the spot and forwards market to curb exchange rate volatility. The currency was at 82.8275 to the dollar on Monday (22nd May 2023)..

Source : India Times