India’s central bank eases up on currency intervention

Curbing currency swings: A cyclist rides along an empty street past the RBI headquarters in Mumbai. The RBI likely sold a net US$1.8bil in the two weeks ended April 10, which follows likely sales of US$7.7bil in the spot forex market last month. — Bloomberg

MUMBAI: India’s central bank may be reducing its intervention in the currency markets as volumes improve and volatility eases.

The Reserve Bank of India (RBI) likely sold a net US$1.8bil in the two weeks ended April 10, according to estimates by Bloomberg Economics. That follows likely sales of US$7.7bil in the spot forex market last month, which made the authority a net seller for the first time in seven months.