RBI Net Seller Of Dollars In August, Sells $1.559 Bn
By PTI
MUMBAI: After remaining net purchaser of dollars for the first four months of the current fiscal, the Reserve Bank sold a net of $1.559 billion in August in the spot market.
RBI intervention in the foreign exchange market is generally aimed at curbing volatility in the currency market.
The central bank bought $4.486 billion from the market while it sold $6.045 billion in the reporting month, RBI said in its monthly bulletin release.
Last year, in August RBI had sold $511 million on a net basis.
The central bank had net purchased $169 million in July this year. It had bought $4.123 billion and sold $3.954 billion in the spot market.
The net amount purchased by RBI in April and May was $5.431 billion and $2.578 billion respectively.
In FY15, RBI was net purchaser of $54.837 billion, when it had bought $124.414 billion and sold $69.577 billion.
In the forwards dollar market, the outstanding net forward purchase at the end of August stood at $2.901 billion as against purchase of $4.599 billion as of end July.
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