Reserve Bank remains net seller of US dollar in Aug; sells $4.072 bn

During the reporting month, the Central bank had purchased $615 million and sold $4.6 billion in the spot market

The Reserve Bank of India (RBI) remained net seller of the US dollar after it sold $4.072 billion in August on a net basis in the spot market, RBI data showed.

During the reporting month, the Central bank had purchased $615 million and sold $4.687 billion in the spot market.

In July 2019, the RBI had turned a net seller of the US dollar for first time in this fiscal, after it sold $93 million on a net basis.

In June 2019, RBI had net purchased $2.463 billion, as it bought $4.434 billion and sold $1.971 billion.

In May and April, the Central bank had net purchased $2.538 billion and $4.901 billion, respectively.

In August 2018, the apex bank had net sold $2.323 billion.

In FY19, the apex bank was a net seller of the dollar offloading $15.377 billion in the spot market. It had bought $40.804 billion and sold $56.181 billion in the year to March 2019.

In FY18, RBI had net purchased $33.689 billion from the spot market, taking its total dollar purchase to $52.068 billion, and sold only $18.379 billion.

In the forward dollar market, the outstanding sales at the end of August were $7.848 billion, compared to a sale of $8.609 billion in July, the data showed.