The Reserve Bank of India (RBI) net sold USD 6.104 billion in the spot currency market in May, according to the central bank's monthly bulletin released on Wednesday in order to defend the Indian rupee against a steep decline. The local currency had plummeted to a record low of 96.84 per dollar in May, driven by climbing global bond yields and surging oil prices caused by geopolitical conflict. This is the third consecutive month of selling by the central bank amid pressure on the Indian rupee. The central bank had sold USD 9.758 billion in the spot currency market in March and USD 8.944 billion in April. On a gross basis, the central bank purchased USD 22.229 billion in May, and sold USD 28.333 billion, as per the bulletin.
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