RBI buys a net $8.52 billion in first half of FY25, says bulletin

The RBI had net sold $6.49 billion in the spot market in August. In the current financial and calendar year, the central bank has been a net seller of dollars in three months - April, June, and August

The Reserve Bank of India (RBI) was a net buyer of dollars in the first half of the current financial year (April-September) with $8.52 billion purchased during the period.

 

In the first half of the previous financial year, the central bank had bought a net $17.68 billion worth of the foreign currency. 

 

In the current calendar year up to September, RBI had bought a net $32.27 billion.

 

In September, the RBI bought a net $9.6 billion worth of foreign currency. 

 

 

During the period, the central bank bought a net total of $28.9 billion, while it sold $19.2 billion of foreign currency.

 

The central bank had recorded a net sale of $6.49 billion in the spot market in August. 

 

The RBI has been a net seller of dollars for three months — April, June, and August. During the current financial year, the RBI bought the highest net amount in September.

 

The local currency had appreciated by 0.07 per cent in September.

 

The central bank had sold a net $1.5 billion in September 2023. In the previous financial year, the RBI bought a net $41.27 billion.

 

The RBI’s net outstanding forward sales by September stood at $14.58 billion against $18.98 billion in August.

 

As of November 8, 2024, India’s foreign exchange reserves stood at $ 675.7 billion. It reflected a decline from the all-time high of $705.8 billion recorded at the end of September 2024.

 

At this level, the reserves are sufficient to cover more than 11 months of imports and nearly 99 per cent of the external debt outstanding as of end-June 2024.

 

In 2024 to date (November 8), India has added $53.2 billion to its reserves, marking the second-largest increase among Asian economies.