India cenbank intervention in October balloons to a sixth of fx turnover

The Indian central bank's spot purchase and sale of dollars in October was one-sixth of the total forex trading volume, data analysed by Reuters showed, a factor that analysts said was instrumental in the rupee's depressed volatility. The Reserve Bank of India (RBI) purchased $36.7 billion and sold $37 billion in the spot market in October, according to the monthly bulletin released late on Wednesday. The RBI's total fx activity accounted for 17% of the total turnover between banks in the onshore over-the-counter market, the highest under the current RBI governor Shaktikanta Das, who was appointed in December 2018.