For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts

RBI can get hold of $9 bn more forex from the market: BofA-ML

By Religare
|

Bank of America Merrill Lynch (BofA-ML) said that the Reserve Bank, which had bought USD 840 million of forex in March, has enough space to buy USD 9 billion more from the market.

In a note, Indranil Sen Gupta said, "The RBI has already reported that it had purchased $820 million in March. We estimate that it has bought another USD 1 billion since. It should also buy when Unilever money (for the buyback offer) comes in end-June."

 

Such a move will not destabilise the forex market unless there is a "sudden spike" in the dollar, which the brokerage expects, will be trading at Rs 52.50 by the end of June, he said.

The report did not specify the period in which the RBI would buy dollars.

Read more about: rbi
Company Search
We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more