RBI a net buyer of dollar in May too

The Reserve Bank was the net purchaser of US dollar for the second time this fiscal after it net bought USD 2.57 billion from the spot market in May.
The central bank bought USD 6.01 billion from the market and sold USD 3.43 billion in May, RBI said in its monthly bulletin release here today.
The amount purchased in the reporting month almost halved compared with RBI's purchase of USD 5.43 billion in April.
In May last year too, RBI was a net purchaser of the US currency after it bought USD 7.98 billion while it sold USD 6.19 billion from the spot market.

In 2014-15, RBI had net purchased USD 54.83 billion. It had bought USD 124.41 billion and sold USD 69.57 billion in the previous fiscal.
The central bank's intervention in the foreign exchange market is aimed at curbing volatility in the currency market.
In the forwards dollar market, the outstanding net forward purchase at the end of May stood at USD 1.86 billion as against a purchase of USD 5.17 billion as of April-end.