RBI Remains Net Seller Of U.S. Dollar In August; Sells $4.072 Billion
Stacks of $1 dollar notes move through a machine in Washington, D.C., U.S. (Photographer: Andrew Harrer/Bloomberg)

RBI Remains Net Seller Of U.S. Dollar In August; Sells $4.072 Billion

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The Reserve Bank of India remained net seller of the U.S. dollar after it sold $4.072 billion in August on a net basis in the spot market.

During the reporting month, the Central bank purchased $615 million and sold $4.687 billion in the spot market. In July 2019, the RBI had turned a net seller of the U.S. dollar for first time in this fiscal, after it sold $93 million on a net basis.

In June 2019, RBI had net purchased $2.463 billion, as it bought $4.434 billion and sold $1.971 billion. In May and April, the Central bank had net purchased $2.538 billion and $4.901 billion, respectively. In August 2018, the apex bank had net sold $2.323 billion.

In the fiscal year 2019, RBI was a net seller of the dollar offloading $15.377 billion in the spot 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 forward dollar market, the outstanding sales at the end of August were $7.848 billion, compared to a sale of $8.609 billion in July, the data showed.

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