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.
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.