RBI REMAINS NET DOLLAR BUYER FOR THIRD MONTH IN A ROW
MUMBAI: The Reserve Bank of India (RBI) remained a net buyer of the US dollar for the third consecutive month in February, when it bought $825 million from the spot market, according to the data from the central bank. In the reporting month, the central bank bought $2.086 billion and sold $1.261 billion in the spot market as the rupee was under pressure. RBI had turned net buyer of dollar for the first time in fiscal 2019, in December 2018 buying $607 million. In January, RBI had net purchased $293 million. It had bought $1.025 billion from the spot market and sold $732 million. In February 2018, the apex bank was also a net buyer of $1.665 billion, purchasing $3.320 billion and selling $1.655 billion in the spot market. In the forward dollar market, the outstanding forward sales at end February was $4.372 billion, versus sale of $3.032 billion in January, according to RBI data.