U.S. quarters and U.S. dollar bills are arranged for a photograph in New York, U.S. (Photographer: Daniel Acker/Bloomberg)

RBI Keeps Selling Dollars In July

The Reserve Bank of India continued to be a net seller of the U.S. dollar for the fourth consecutive month in July.

In the reporting month, the central bank purchased $4.129 billion, while sold $6.003 billion in the spot market, recent RBI data showed. In June, May and April, the RBI had sold $6.184 billion, $5.767 billion and $2.483 billion of the greenback, respectively.

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RBI maintains that its intervention in the foreign exchange market is to curb volatility in the rupee and not to target a level of the domestic currency. In 2017-18, the apex bank had net purchased $33.689 billion from the spot market.

In the forward dollar market, the outstanding net-forward purchase at the end of July remained same as in June at $10.689 billion, RBI data showed.

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