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: