The Reserve Bank of India sold a net of $7.7 billion in the spot foreign exchange market in August, data released on Monday showed, as the central bank looked to support the Indian rupee that fell 0.68% in the month.

The RBI said in its monthly bulletin that it did not purchase any dollars and sold $7.7 billion. In July, the central bank had sold a net of $2.54 billion in the spot market.

The Indian rupee fell 0.68% in August to 88.1950 against the US dollar, breaching the 88-per-dollar mark for the first time.

The RBI’s net outstanding forward sales stood at $53.36 billion as of end-August, compared with a net sale of $57.85 billion at the end of the previous month, the data showed.

The central bank intervenes in the spot and forward markets to curb exchange rate volatility.

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