RBI net purchaser of Dollar in April; buys $566 m

  • IANS

    PTI | Mumbai

    June 12, 2017 | 11:24 am
GDP

(Photo: Getty Images)

The Reserve Bank continued to remain net buyer of the US currency in April after it bought $566 million from the spot market.

This was second consecutive month in the current fiscal when RBI net bought Dollars from the spot market.

The central bank purchased $1.751 billion of Dollars in the reporting month, while sold $1.185 billion in the spot market.

In March, RBI had net purchased $3.538 billion from the spot market.

RBI's intervention in forex market is to contain excessive volatility in the domestic currency.

In April 2016, RBI was a net buyer ($1.339 billion) of dollar after it purchased $2.639 billion and sold $1.30 billion in the spot market.

In the entire fiscal 2016-17, RBI net purchased $12.351 billion of the US currency. It had bought $71.764 billion from the spot market and sold $59.413 billion in the previous fiscal. In the financial year 2016, RBI was net purchaser of $10.209 billion.

In the forward Dollar market, the outstanding net purchase at the end of April was $13.553 billion, RBI data showed.

Net forward purchase at March-end was $10.835 billion.

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