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. [caption id=“attachment_1606415” align=“alignleft” width=“380”]  US dollar. Reuters image[/caption] 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.