SYDNEY: The Reserve Bank of Australia (RBA) sold A$910 million ($801 million) of Australian dollars on a net basis on the spot foreign exchange market during September, central bank data showed.
The RBA manages the forex needs of the government, which for example may need foreign currency to buy military hardware or pay embassy wages, and that usually makes up the vast bulk of its spot transactions in any month.
The central bank rarely intervenes directly and typically only when the market has become disorderly, as it did in October 2008 following the failure of Lehman Brothers.
Despite last month's steep fall in the Australian dollar, the RBA recently said the level of the currency remains high based on fundamentals.
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