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RBI remains net seller of US dollar in Aug; sells USD 2.323 bn

Press Trust of India  |  Mumbai 

The of India (RBI) remained of the US dollar in August, as it sold USD 2.323 billion of the greenback in the spot market, RBI data showed.

In the reporting month, the central purchased USD 3.680 billion, while sold USD 6.003 billion in the spot market, according to the data.

In July, June, and April, the RBI had net sold USD 1.87 billion, USD 6.184 billion, USD 5.767 billion and USD 2.483 billion of US dollar, respectively.

In August 2017, the was of US currency, after it had bought USD 4.556 billion, while sold USD 1.330 billion in the spot market.

RBI maintains that its intervention in the foreign exchange market is to curb volatility in the rupee and not to target a level of the domestic

In FY18, the had net purchased USD 33.689 billion of US dollars from the spot market. It had bought USD 52.068 billion from the spot market, while selling USD 18.379 billion.

In FY17, the RBI had bought USD 12.351 billion of the US dollar on a net basis.

In the forward dollar market, the outstanding net forward purchase at the end of August was USD 5.730 billion, compared with USD 10.689 billion in July, according to the RBI data.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, October 11 2018. 19:25 IST