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First time in FY19, RBI turned net dollar buyer in Dec, bought $607 million

Between April and November 2108, the central bank had net sold $26.51 billion in the spot market against net purchase of $18.017 billion in the same period in 2017

Press Trust of India  |  Mumbai 

First time in FY19, RBI turns net buyer of dollar in Dec, purchases $607-mn

The Reserve has turned of dollars in December, the first time in the current financial year, as it purchased $607 million of the on a net basis from the spot market, according to the latest data.

The central bought $837 million and sold $230 million in the spot market during the reporting month.

As against this, in December 2017, the was a of $5.647 billion, after it bought $6.008 billion from the market and sold $361 million.

Between April and November 2108, the central had net sold $26.51 billion in the spot market against net purchase of $18.017 billion in the same period in 2017.

In FY18, the had net purchased $33.689 billion from the spot market, taking its total purchase to $52.068 billion, and sold only $18.379 billion, this helped the country for the first time scale a life-time peak of $426.028 billion for the week to April 13, 2018, in forex reserves.

But since then, the forex kitty has been fluctuating and mostly sliding. The forex reserves stood at $398.122 billion for the fortnight ended February 8, 2019, and has reportedly crossed the $400-billion-mark last week.

In FY17, the had bought $12.351 billion on a net basis.

In the forward market, the outstanding net at the end of December 2018 was $2.426 billion, compared to a sale of $1.924 billion in November, show the data.

First Published: Sun, February 17 2019. 10:45 IST
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