RBI sells $11.9 billion to stabilize rupee
pre-market1 source ↓written by the desknot a recommendation
- which closed
- 88.76/$1
- from late September
- 88.80/$1
- in foreign exchange
- $10 billion
- in November
- 94.42
The RBI net sold $11.87 billion in October to defend the rupee, which closed at 88.76/$1. This intervention aimed to prevent a fall below the record low of 88.80/$1 from late September, costing the RBI over $10 billion in foreign exchange reserves. The real effective exchange rate remained stable at 94.42 in November.
This significant action by the RBI may influence market sentiment and currency trading strategies moving forward.
Not investment advice. For informational purposes only.