RBI net-buys $4.9 billion worth greenbacks in April
Mumbai: Having been a net seller of the greenback in fiscal year 19, the Reserve Bank turned a net buyer of the US dollar in the first month of FY20, purchasing $4.901 billion in April on a net basis from the spot market, according to the latest data from the monetary authority.
During the reporting month, the central bank bought $7.724 billion and sold $2.823 billion in the spot market. As against this, in April 2018, it had net sold $2.483 billion after purchasing $5.536 billion and selling $8.019 billion.
In FY19, the apex bank was a net seller of the dollar offloading as much as $15.377 billion in the market. It had bought $40.804 billion and sold $56.181 billion in the year to March 2019.
In FY18, RBI had net purchased $33.689 billion from the spot market, taking its total dollar purchase to $52.068 billion, and sold only $18.379 billion.
In the forwards dollar market, the outstanding sales at the end April was $18.512 billion, compared to a sale of $13.774 billion in March, according to the central bank data released Tuesday.