RBI sold $6.1 bn in May as oil weighed on rupee
The Reserve Bank of India (RBI) sold $6.1 billion in the foreign exchange market in May, as geopolitical tensions and volatility in oil prices pressured the rupee. The central bank's actions included purchasing $22.2 billion and selling $28.3 billion, reflecting ongoing intervention amid external uncertainties. Despite these challenges, the RBI noted a steady external sector and improving foreign investment inflows, contributing to India's status as one of the fastest-growing major economies.