RBI sold net $2.54 billion in spot forex market in July

Indian rupee

The Reserve Bank of India (RBI) sold $2.54 billion in the spot foreign exchange market in July, according to the central bank’s monthly Bulletin.

The central bank also sold $3.66 billion in June in the spot market.

The central bank in the Bulletin said that it purchased zero dollars and sold $2.54 billion during the period.

The RBI Bulletin is a monthly publication that offers insights into the developments in domestic and global economies, but doesn't represent the views of the central bank.

Indian rupee has been under severe pressure amid external shocks from start of this financial year, and it has depreciated around 3.73 percent in FY26 so far.

Similarly, year-to-date the local currency depreciated 3.56 percent against the US dollar. The current depreciation of the local currency is the highest after two financial years.

The domestic currency first started depreciating due to US tariffs uncertainties, followed by other geopolitical situations such as a prolonged Russia–Ukraine war and rising tensions between Israel and Iran.

Domestic factors foreign investors outflows from domestic equity market have also contributed to the depreciation of rupee.