CURRENT AFFAIRS : BANKING & FINANCE
RBI Becomes Net Seller of USD in FY23
- The Reserve Bank of India (RBI) became a net seller of US dollars in fiscal year 2023, after being a net purchaser for three consecutive years.
- The RBI sold $25.52 billion in the spot foreign exchange market.
Key Highlights :
- The RBI sold dollars to reduce volatility in the rupee, which has been under pressure due to the Russia-Ukraine war and interest rate hikes by the US Federal Reserve.
- The RBI sold the greenback to prop up the rupee, which had depreciated due to higher import bills and foreign investors pulling out money from the domestic market.
