The RBI, in it’s monthly bulletin, reveals how much it bought or sold the dollar, with a lag of three months. We are now being given June 2013 data, when the RBI has sold over $2.2 billion in the spot market, to protect the rupee from falling.
You can see here that the selling is the highest since June 2012. However, the RBI did unwind forward sales (which is as good as buying) to the extent of about 800 million dollar. Net sales were 1.3 billion dollars.
When we see the data for July it will probably show more sales. After all the $ is at 61 today and it’s quite likely the RBI has done more to defend it.
