GK and monthly revision

RBI sold net $8.9 billion in April, gold holdings unchanged

In April 2023, the Reserve Bank of India (RBI) sold a net amount of $8.94 billion in the foreign exchange market to stabilize the Indian rupee, which faced pressure due to the U.S.-Iran crisis and rising oil prices. Despite these interventions, the RBI's gold holdings remained unchanged, while the overall forex reserves fell to their lowest level in a year. This action highlights the RBI's proactive measures to manage currency fluctuations and maintain economic stability.