MUMBAI: The Reserve Bank of India sold a net of $7.91 billion in the forex market in September, data released on Monday showed, as the RBI stepped up efforts to curb a slide in the currency.
The RBI said it purchased $2.2 billion and sold $10.11 billion, as it stepped in to support the currency which fell to its then all-time low of 88.80.
In August, the RBI had sold a net of $7.7 billion, Reuters reported. Trade tensions between India and the United States alongside a jump in gold and silver imports exerted pressure on the currency in September.
The pressures have since lingered as a trade deal between India and the US has remained elusive, pushing the rupee to fresh all-time lows. The currency hit a record low of 89.49 on November 21, down 4.5 per cent year-to-date.