RBI remains net buyer of US Dollar for third consecutive month

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As per the data released by the Reserve Bank of India, it has remained the net US Dollar buyer for the third consecutive month in February. In February, the central bank purchased $825 million from the spot market. 

Reserve Bank of India
With the dollar purchases, the foreign exchange reserves are at an all-time high.

Since the rupee was under pressure, the bank purchased $2.086 billion and later sold $1.261 billion in the spot market. 

In January 2019, the central bank bought $1.025 billion and sold $732 million, making the total dollar purchase for the month $293 million. 

The first time RBI turned net US Dollar buyer was in December last year when it bought $607 million. 

In fiscal year 2018, RBI had purchased a total amount of $33.689 billion through the spot market. It sold $18.379 billion after buying $52.068 billion. These numbers increased the foreign exchange reserves and helped reach an all-time high of $426.028 billion. 

In terms of the forward dollar market, the forward sales stood at $4.372 billion in the month of February as against the sale of $3.032 billion in the month of January. 

Source: Live Mint 

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