RBI net buyer of US dollars in December, purchases over USD 5 bn

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SummaryThe Reserve Bank of India became net purchaser of dollars for the third month in a row in December, 2013, when it bought USD 5.057 billion and sold USD 1.574 billion in markets.

The Reserve Bank of India became net purchaser of dollars for the third month in a row in December, 2013, when it bought USD 5.057 billion and sold USD 1.574 billion in markets.

According to the RBI data, the apex bank bought USD 17.787 billion, in November, the highest so far this fiscal, and sold USD 7.7 billion, thereby becoming a net buyer of USD 10.087 billion.

The RBI became the net buyer of dollars billion in October after a gap of five months. It had bought USD 9.510 billion and sold USD 5.58 billion in the month.

In the current fiscal, the central bank had first became net purchaser of dollars in April, buying USD 518 million from markets.

In April, the RBI had bought USD 3.29 billion and sold USD 2.78 billion.

Between May and September, the RBI was a net seller of the US currency on a monthly basis to shore up the rupee which tumbled after the US Fed hinted at withdrawing its easy money policy towards the end of May.

The rupee depreciated nearly 30 per cent between May and August. It touched a life-time low of Rs 68.85 during intra-day trades on August 28.

In September, the RBI sold USD 3.55 billion on net basis, as per the RBI data.

In July, the RBI net sold USD 5.98 billion. It bought mere USD 50 million from the market, while sold USD 6.03 billion in the month.

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