RBI remained net buyer of dollars for 3rd consecutive month; bought $825 million

By: |
Updated: April 14, 2019 3:39:37 PM

The central bank had turned net buyer of dollar for the first time in fiscal 2019 in December 2018 buying USD 607million.

RBI, net buyer of dollar, RBI data, foreign exchange reserves, spot market, US dollarIn the reporting month, the central bank bought USD 2.086 billion and sold USD 1.261 billion in the spot market as the rupee was under pressure.

The Reserve Bank remained a net buyer of the US dollar for the third consecutive month in February, when it bought USD 825 million from the spot market, according to the data from the central bank. In the reporting month, the central bank bought USD 2.086 billion and sold USD 1.261 billion in the spot market as the rupee was under pressure.

The central bank had turned net buyer of dollar for the first time in fiscal 2019 in December 2018 buying USD 607million. In January 2019, the RBI had net purchased USD 293 million. It had bought USD 1.025 billion from the spot market and sold USD 732 million. In February 2018, the apex bank was also a net buyer of USD 1.665 billion purchasing USD 3.320 billion and selling USD 1.655 billion in the spot market.

Also read: Bank of Baroda’s merger with Dena Bank, Vijaya Bank likely to complete in two years

In FY18, the apex bank had net purchased USD 33.689 billion from the spot market, taking its total dollar purchase to USD 52.068 billion, and sold only USD 18.379 billion, this helped the country for the first time scale a life-time peak of USD 426.028 billion for the week to April 13, 2018 in the foreign exchange reserves. In the forward dollar market, the outstanding forward sales at end February was USD 4.372 billion, compared to a sale of USD 3.032 billion in January, according to the RBI data.

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.