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MUMBAI: After remaining net buyer of the US dollars for past many months, the Reserve Bank of India (RBI) became net seller in April, after it sold $2.483 billion of the US currency in the spot market, according to its data.
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 dollars on a net basis.
In the forward dollar market, the outstanding net forward purchase at the end of April was $17.393 billion.
The net forward purchase at the end of March was $20.853 billion, RBI said.
During the reporting month, the apex bank bought $5.536 billion of dollars from the spot market, while it sold $8.019 billion.
In April 2017, RBI was net buyer of the US currency as it had bought $1.751 billion and sold $1.185 billion in the spot market.
In March this year, it was net seller as it had purchased $3.328 billion, and sold $2.332 billion.
RBI has always said that its intervention in the foreign exchange market 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 dollars on a net basis.
In the forward dollar market, the outstanding net forward purchase at the end of April was $17.393 billion.
The net forward purchase at the end of March was $20.853 billion, RBI said.
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