RBI net seller of dollars in January; sells USD 414 mn

Reserve Bank remained net seller of dollars in January as it sold USD 414 million from the spot market, RBI said.
The central bank had bought USD 1.335 billion while sold USD 1.749 billion in the reporting month, RBI said in its monthly bulletin released today.
In December, RBI had net bought USD 463 million.
Last year in January, it had net sold USD 30 million after it had purchased USD 3.240 billion and sold USD 3.270 billion in the spot market.
In FY16, RBI was net purchaser of USD 10.209 billion when it had bought USD 63.299 billion and sold USD 53.090 billion.

In FY15, RBI was net purchaser of USD 54.837 billion.
RBI intervention in the foreign exchange market is to curb volatility in the currency market.
In the forward dollar market, the outstanding net forward purchase at the end of January was USD 501 million.