Published on 14/01/2020 11:37:27 AM | Source: Dion Global Solutions Ltd

RBI remains net buyer of dollars in November, purchases USD 6.9 bn from spot market

Posted in Economy News| #US dollar #RBI #Economy #Banking Sector

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The Reserve Bank of India remained a net purchaser of the US dollar in November as it bought USD 6.928 billion from the spot market, central bank data showed. The RBI had bought USD 7.458 billion of the greenback and sold USD 530 million in the spot market in the reporting month. In October, the RBI had net bought USD 7.102 billion of the US currency.

It had purchased USD 7.302 billion and sold USD 200 million in the spot market. In November 2018, the RBI had net sold USD 644 million, buying USD 3.127 billion from the spot market and selling USD 3.771 billion. In FY19, the apex bank was a net seller of dollars, offloading USD 15.377 billion in the spot market. It had bought USD 40.804 billion and sold USD 56.181 billion in the year to March 2019.

In FY18, the RBI had net purchased USD 33.689 billion from the spot market. Its total dollar purchase was at USD 52.068 billion, while it sold only USD 18.379 billion. In the forward dollar market, the outstanding sales at the end of November stood at USD 6.143 billion, compared to sale of USD 7.473 billion in October, the data showed.