![RBI sells $13 billion in August to hold rupee at 80](https://www.gkseries.com/blog/wp-content/uploads/2022/09/RBI-sells-13-billion-in-August-to-hold-rupee-at-80.jpg)
RBI sells $13 billion in August to hold rupee at 80: The Reserve Bank of India is estimated to have sold about $13 billion in the spot market in August 2022.
Reason: To defend the rupee from falling further against the US dollar.
September 2022 Current Affairs Quiz
A majority of India’s foreign exchange reserves is held in US dollar-denominated currency while the rest comes from investment in non-dollar assets. This is the highest monthly currency market intervention so far in 2022-23 as the central bank is said to be defending the psychological mark of 80.