RBI remains net seller of US dollar in August; sells $4.072 bn

The Reserve Bank of India (RBI) remained net seller of the US dollar after it sold USD 4.072 billion in August on a net basis in the spot market, RBI data showed.

During the reporting month, the Central bank had purchased USD 615 million and sold USD 4.687 billion in the spot market.

In July 2019, the RBI had turned a net seller of the US dollar for first time in this fiscal, after it sold USD 93 million on a net basis.

In June 2019, RBI had net purchased USD 2.463 billion, as it bought USD 4.434 billion and sold USD 1.971 billion.

In May and April, the Central bank had net purchased USD 2.538 billion and USD 4.901 billion, respectively.

READ | RBI Cuts GDP Growth, Hopes To Recover Growth In Second Half Of 2019-20

In August 2018, the apex bank had net sold USD 2.323 billion.

In FY19, the apex bank was a net seller of the dollar offloading USD 15.377 billion in the spot market. It had bought USD 40.804 billion and sold USD 56.181 billion in the year to March 2019.

In FY18, RBI 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.

In the forward dollar market, the outstanding sales at the end of August were USD 7.848 billion, compared to a sale of USD 8.609 billion in July, the data showed. 

READ | 'Banking System Sound And Stable': RBI Governor On PMC Bank Crisis

READ | PMC Bank Scam: Protesters Demand RBI Assurance On Deposits' Release