According to a Reuters report citing six banking sources, the Reserve Bank of India offloaded at least $8 billion in the forex market last week to bolster the rupee. Bankers believe the central bank's total intervention ranged from $8 billion to $15 billion, with these consistent efforts aiding the currency's recovery. One banker noted that these inflows provided the RBI with greater flexibility to intervene and absorb excess liquidity, which had recently climbed to an all-time high.
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