RBI Was Net Purchaser Of US Dollar In July; Bought $15.9 Billion

The Reserve Bank of India (RBI) continued to remain a net buyer of the US dollar in July after it purchased $15.973 billion on a net basis from the spot market, according to its latest monthly bulletin.

During the month, the central bank bought $16.903 billion and sold $930 million in the spot market, the bulletin showed. In the same month of 2019, the RBI was a net seller of the American currency after it bought $1.592 billion and sold $1.685 billion.

In June and May 2020, the RBI had net bought $9.814 billion and $4.363 billion, respectively will in April, it was a net seller, having sold $1.142 billion on a net basis.

In the financial year 2019-20, the central bank net purchased $45.097 billion. It had bought $72.205 billion while sold $27.108 billion in the spot market.

In the forward dollar market, the outstanding net sales at the end of July were at $379 million, compared to a net purchase of $2.459 billion in June, data showed.