RBI net buys $1.86bn in spot forex market for 2nd month in May

Posted By: Super
Subscribe to GoodReturns
For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts

    RBI net buys $1.86bn in spot forex market for 2nd month in May
    The Reserve Bank became net purchaser of dollars for the second consecutive month in May this fiscal buying USD 1.786 billion from the spot market.

    During the month, the apex bank bought USD 7.981 billion from the market while it sold USD 6.195 billion, the RBI monthly data showed.

    In April, RBI purchased USD7.85 billion and sold USD 1.980 billion, thereby became a net buyer of USD 5.870 billion.

    In May last year, RBI net sold USD 107 million in the market.

    In the entire FY14, RBI net purchased USD 8.992 billion. It had bought USD 52.394 billion and sold USD 43.402 billion in the previous fiscal.

    The central bank's intervention in the foreign exchange market is not described as increasing the forex cover but to curb volatility in the currency market.

    In the forwards dollar market, the outstanding net forward sales at the end of May stood at USD 11.463 billion as against sales of USD 32.063 billion in the previous month.

    PTI

    Story first published: Saturday, July 12, 2014, 11:59 [IST]
    Company Search
    Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'

    Find IFSC

    Get Latest News alerts from Goodreturns

    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