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Informist, Friday, Jan. 17, 2025

 

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--RBI's Nov gross FX purchases $30.88 bln vs $27.50 bln Oct
--RBI net sold $20.23 bln in FX mkt Nov vs $9.28 bln sold Oct
--RBI's Nov gross FX sales $51.11 bln vs $36.78 bln in Oct 
--RBI's net outstanding forward FX sales on Nov 30 $58.85 bln 
--CONTEXT: RBI net outstanding fwd FX sales Oct 31 were $49.18 bln 
--RBI did not net buy or sell in FX futures market in Nov 
--RBI's Nov 30 net outstanding FX futures sales $2.97 bln 
--CONTEXT: RBI's Oct 31 net outstanding FX futures sales were $3.23 bln

 

MUMBAI – The Reserve Bank of India's dollar sales in November were at a record high of $51.11 billion, according to data released by the central bank. This was significantly more than its previous record dollar sales of $38.77 billion in July 2022. The net dollar sales by the central bank in November were also the highest ever, at $20.23 billion. 

 

The record dollar sales in November indicated the extent of the central bank's intervention in the foreign exchange market to defend the rupee against the dollar. In November, the Indian currency depreciated nearly 0.5% against the greenback, as compared to a fall of about 1.3% in the following month. In November, the dollar index had strengthened about 1.8% to 105.78.

 

The central bank's gross purchases and sales in the foreign exchange futures market were each $3.93 billion in October, down from $2.53 billion each in the previous month. The net sales outstanding position of the RBI, however, was $2.97 billion at the end of November, slightly lower than $3.23 billion in October.  End

 

Reported by Sourabh Kumar

Edited by Rajeev Pai

 

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