RBI turns net purchaser of US dollar in May, buys $4.363 billion

After being net seller of the US currency in the first month of this fiscal, the Reserve Bank of India (RBI) turned net purchaser in May as it bought $4.363 billion of the greenback on net basis, according to RBI data.

During the month, the RBI bought $4.663 billion from the spot market while sold $300 million.

In April, the central bank had sold $1.142 billion US dollar on a net basis.

The central bank in May 2019 had bought $2.538 billion of the greenback on a net basis. It had purchased $ 5.118 billion and sold $2.580 billion in the spot market in May 2019.

In FY20, the central bank was net purchaser of the US dollar at $45.097 billion. It had bought $ 72.205 billion while sold $27.108 billion in the spot market.

In the forward dollar market, the outstanding net sales at the end of May stood at $1.958 billion, compared to a sale of $1.739 billion in April, the data showed.