Reserve Bank of India Absorbs $561 Million in June

The Reserve Bank of India manages how many dollars are bought and sold in the country.

In June, it bought slightly more dollars than it sold.

This meant it absorbed a net $561 million.

In the previous two months, the bank had sold more dollars than it bought.

The Indian rupee had fallen to a record low in May, partly because oil prices rose during conflict in the Middle East.

Later, large amounts of money flowed into India, helping the rupee become steadier.

Analysts believe the RBI used some of this money to reduce its future dollar obligations.

On Tuesday, the rupee closed stronger at 95.4125 per dollar.