RBI sells $13 billion in August to hold rupee at 80

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.