The Reserve Bank of India (RBI) sold a net of $1.66 billion in the spot foreign exchange market in April, data released on Wednesday as part of the central bank’s monthly bulletin showed.
The RBI said it purchased $10.11 billion and sold $11.77 billion during the month. In March, the central bank had bought a net of $14.36 billion in the spot market.
The Indian rupee 
USDINR braved multiple headwinds in April including U.S. trade policy flip-flops and an India-Pakistan conflict to come out stronger on the back of inflows into equities and as exporters ramped up dollar sales.
The currency gained 1.2% in April, its second consecutive monthly rise, helping extend a reversal in its fortunes after hitting an all-time low of 87.95 in February.
The RBI’s net outstanding forward sale stood at $72.6 billion as of end-April, compared with a net sale of $84.35 billion at the end of the previous month, the data showed.
The central bank intervenes in the spot and forwards market to curb exchange rate volatility. The rupee closed at 86.0775 per U.S. dollar on Wednesday.
