RBI's net buying of dollar from spot market declines in March to $996 mn

The Reserve Bank of India’s (RBI’s) net buying of the US dollar from the spot market declined in March to $996 million from $1.66 billion in February. The central bank purchased $3.32 billion from the spot market and sold $2,332 million in March. 

In the forward dollar market, the outstanding net forward purchase at the end of March was $20.85 billion. The net forward purchase at the end of February was $31.37 billion, according to the RBI’s monthly bulletin. The central bank’s intervention in the foreign exchange market is to curb volatility in the rupee. The RBI had net bought