RBI sells $9.8B as rupee faces steep decline
pre-market1 source ↓written by the desknot a recommendation
- in March
- $9.76 billion
- by the rupee's
- 4% decline
The Reserve Bank of India sold $9.76 billion in March, marking a significant shift from net purchases of $7.4 billion in February. This action was prompted by the rupee's 4% decline, its steepest since 2019, driven by soaring energy costs amid the US-Iran conflict. The RBI's intervention aims to stabilize the currency amid volatile conditions.
Not investment advice. For informational purposes only.