The Reserve Bank of India (RBI) net purchased a record $18.65 billion in July, sharply up from a net purchase of $561 million in June, according to the central bank's monthly bulletin. The July purchase was the highest on record, surpassing the previous high of $18.63 billion recorded in June 2021. The surge came as the RBI's concessional swap facility for foreign currency non-resident (bank), or FCNR(B), deposits, external commercial borrowings and overseas foreign currency borrowings, launched in early June, pulled in $40.82 billion of inflows by July-end.