RBI sold $11.9 billion in October to defend the rupee

The RBI net sold $11.87 billion in October, as it stood like a wall to prevent a sharp fall in the Indian rupee. The currency ended the month little changed to close at 88.76/$1 in as the RBI staunchly defended the record low of 88.80/$1 from late September even if it cost them more than $10 billion of foreign exchange. The real effective exchange rate -the weighted average of India's currency in relation to a basket of other six major currencies was largely stable at 94.42 in November.