RBI bulletin says economy on recovery path

IN a bid to support a falling rupee, which lost as much as 125 paise between October 10 and December 24 when it closed at 85.207, the Reserve Bank on Tuesday said it has net sold $9.28 billion on the spot foreign exchange market in October. The net outstanding forward sale stood at $49.18 billion in October as compared to the net sale of $14.58 billion in September.

- ENS ECONOMIC BUREAU @ Mumbai

The RBI said in the monthly bulletin that it had purchased $27.5 billion and sold $36.78 billion during October. As against this, the central bank has bought a net of $9.64 billion in the spot market in September.

October was the most volatile month for the rupee, with the foreign funds deserting the domestic equities and Donald Trump winning the US presidential polls. On October 10, the rupee was well above 84 (83.95) but it closed at the lowest on Tuesday at 85.207 to the dollar, losing 125 paise in six weeks.