The Reserve Bank of India (RBI) offloaded $7.7 billion in August to rein in exchange rate fluctuations and stem the rupee’s fall against the US dollar, according to data from the central bank’s latest bulletin.

The net dollar sale stood at $7.69 billion, almost three times higher than in July, marking an aggressive intervention amid pressure on the domestic currency. The data also showed that the RBI made no purchases of US dollars during July and August.

While the RBI maintains that it “does not target any particular level or band for the rupee-dollar exchange rate", it has reiterated that interventions are made only to manage “excessive volatility" in the forex market.

The rupee weakened by 1.6% against the US dollar in August, and continued to depreciate in September amid global unce

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