Finance
Potter HeadRBI Casts a Spell: $11.8 Billion Dollar Sorcery in October!
In the enchanting land of India, the Reserve Bank of India cast a spell, summoning a jaw-dropping $11.8 billion in October! With the rupee wobbling like a Quidditch player on a broomstick, the RBI aimed to stabilize the currency amidst a storm of global magic, ensuring our economy remains as steady as a wizard's wand.
few days ago | Anjali Kumari
Quick rundown
1.RBI net sold $11.8 billion in October to stabilize the rupee.
2.Rupee's exchange rate was kept from weakening beyond 88.80 per dollar.
3.RBI's forward market short position rose to $63.6 billion by October's end.
4.Real effective exchange rate (REER) of the rupee was stable at 97.51.
5.RBI's actions aim to maintain rupee's competitiveness in global markets.
