Reserve Bank of India continues to remain net seller of dollar; sells $6.184 billion of US currency in June

Mumbai: The Reserve Bank of India (RBI) continued to remain a net seller of the US currency for the third consecutive month in June, after it sold $6.184 billion of the US dollar in the spot market, RBI data showed.

During the reporting month, the central bank bought $4.020 billion of the US dollar, while sold $10.204 billion in the spot market, according to the recent RBI data.

In May and April, RBI had net sold Rs 5.767 billion and $2.483 billion of the US dollar, respectively.

In June 2017, the apex bank was the net buyer of the US currency, after it had bought $4.971 billion and sold $1.680 billion in the spot market.

 Reserve Bank of India continues to remain net seller of dollar; sells .184 billion of US currency in June

US dollar. Reuters image

RBI maintains that its intervention in the foreign exchange market is to curb volatility in the rupee and not to target a level of the domestic currency.

In FY18, the apex had net purchased $33.689 billion from the spot market. It had bought $52.068 billion from the spot market, while selling $18.379 billion.

In FY17, RBI had bought $12.351 billion of the US dollar on a net basis.

In the forward dollar market, the outstanding net forward purchase at the end of June was $10.689 billion.

The net forward purchase at the end of May was $11.252 billion, RBI said.

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Updated Date: Aug 13, 2018 09:55:50 IST