There is a continuous weakness in the rupee, the rupee is touching a new low daily against the dollar. At the same time, the Reserve Bank of India is also trying its best to stop the fall in the rupee against the dollar. In the monthly bulletin issued by the RBI on Tuesday, it has been told that for the strength of the Indian rupee, forex reserves worth $ 20.1 billion were sold in the foreign exchange market in March.
“Dollar purchases have increased to $65.79 billion at the end of March from $49.11 billion at the end of February,” the central bank said in the report. This sale in the spot market in February was $771 million. In March, the rupee had traded between 75.76 to 76.97 on the exchange.
Rupee set record in March: Despite the support from RBI in March, there was pressure in the rupee. In March, the rupee set a new record of 76.97, breaking the rupee’s low of 76.90 made in April 2020 at the time of the Corona epidemic.