RBI remains net purchaser of US dollar in July, buys USD 15.973 bn

Mumbai: The Reserve Bank continued to remain a net buyer of the US currency in July after it purchased USD 15.973 billion on a net basis from the spot market, according to its monthly bulletin.

In the month, the central bank bought USD 16.903 billion and sold USD 930 million in the spot market, according to the monthly bulletin released by the Reserve Bank of India (RBI).

In the same month of 2019, the RBI was a net seller of US dollars after it bought USD 1.592 billion and sold 1.685 billion.

In June and May, 2020, the RBI had net bought USD 9.814 billion and USD 4.363 billion respectively. In April, it had sold USD 1.142 billion on a net basis.

In FY20, the central bank net purchased USD 45.097 billion. It had bought USD 72.205 billion while sold USD 27.108 billion in the spot market.

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