RBI Net Dollar Purchase in July at $2.9 Billion

Mumbai: The Reserve Bank purchased $ 2.953 billion of the US currency on net basis in July from the spot market.

During the reporting month, it bought $ 4.893 billion and sold $ 1.940 billion in the spot market, according to the latest data from the central bank.

In June, the central bank was also net purchaser at $ 3.291 billion after it bought $ 4.971 billion while it sold $ 1.680 billion.

The RBI intervenes in the foreign exchange market to contain volatility in the rupee market.

Last year in July, RBI had net bought $ 1.4 billion of dollar. In FY17, it net purchased $ 12.351 billion of the US currency as it bought $ 71.764 billion and sold $ 59.413 billion in the spot market.

In the financial year 2016, RBI was net buyer to the tune of $ 10.209 billion.

In the forward dollar market, the outstanding net purchase at the end of July was $ 26.450 billion, RBI data showed, while the net forward purchase at June-end was $ 17.081 billion.