RBI sold $20.1 billion in spot foreign exchange in March

The Reserve Bank of India (RBI) sold a net $20.1 billion in the spot foreign exchange market in March to defend rupee against dollar, its monthly bulletin showed. RBI said its net outstanding forward dollar purchases rose to $65.79 billion in March compared to $49.11 billion in February. In March, the rupee hit its first record low for 2022.