The Reserve Bank of India engaged vigorously in the forex market in April, offloading a net amount of $8.94 billion to protect the rupee from plunging to record lows caused by the U.S.-Iran crisis and increasing oil costs. While gold stocks stayed stable, improving geopolitical conditions have bolstered the rupee's prospects, even as forex reserves fell to the lowest level in a year.
The Reserve Bank of India engaged vigorously in the forex market in April, offloading a net amount of $8.94 billion to protect the rupee from plunging to record lows caused by the U.S.-Iran crisis and increasing oil costs. While gold stocks stayed stable, improving geopolitical conditions have bolstered the rupee's prospects, even as forex reserves fell to the lowest level in a year.
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