RBI sells $6.1B in May to counter oil‑driven rupee slump
The RBI sold $28.3 billion and bought $22.2 billion of foreign exchange in May, netting a $6.1 billion outflow as oil price spikes drove the rupee to a record 96.96 per dollar. The central bank’s aggressive forward‑sale and new incentives aimed to draw dollar inflows and stabilize the currency.