RBI net sold $50 m in FX market in June

The RBI sold USD 700 million in June, while it bought USD 650 million, marking its smallest net intervention in a month at least since April 2011, the data showed.

The rupee had staged a sharp recovery towards end-June after touching a life-low of 57.32 a dollar on June 22.

At 4.30 p.m. (1100 GMT) the local currency was changing hands at 55.30-31 to a dollar in the secondary market.

The central bank also rolled over forward dollar contracts by purchasing USD 810 million in June, the data showed.

In the forward dollar market, outstanding dollar sales rose to USD 14.08 billion in June from USD 10.31 billion in May, RBI data showed, indicating the central bank's preference to intervene in the forward markets to prevent the rupee liquidity from tightening further in the spot market.