In May 2014, RBI went on the offensive against the rupee. Instead of disrupting the rupee market - where massive buys would create issues - the RBI bought forward contracts, worth $20.6 Billion, the largest single month purchase ever. In the spot market, the RBI bought about $1.7 billion. That took the month’s purchases to $22.3 billion.
(Source: RBI Bulletin)
For the RBI, this is the biggest single month purchase of the dollar, ever. And still, the dollar fell:
Much of the other side must be speculation, because the RBI buying didn . . .