 "RBI's net dollar purchases almost double in October")
The Reserve Bank of India (RBI)’s net dollar purchases from the market almost doubled in October to $2.7 billion compared with $1.44 billion the previous month.
The activities of the central bank in the foreign exchange market also went up in October. RBI bought $14.26 billion while it sold $11.55 billion.
The intention has been to absorb the capital flows to build reserves. Latest data shows that RBI’s foreign exchange reserves rose by $1.43 billion for the week ending November 28 to $316.31 billion.
NRI deposits rose by $1.3 billion in October taking the kitty of outstanding deposits of overseas Indian to $110.01 billion. NRI deposits saw a flow of $7.58 billion during April-October 2014, down from $18.98 billion in April-October 2013.
Meanwhile, the rupee breached the 62 mark again on Wednesday due to dollar demand from oil marketing companies. The rupee ended at 62.02 compared with previous close of 61.89 per dollar. During intra-day trades the rupee touched a low of 62.05.
The activities of the central bank in the foreign exchange market also went up in October. RBI bought $14.26 billion while it sold $11.55 billion.
The intention has been to absorb the capital flows to build reserves. Latest data shows that RBI’s foreign exchange reserves rose by $1.43 billion for the week ending November 28 to $316.31 billion.
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RBI’s net forward purchases rose in October to $10.22 billion, from a net forward purchase of $8.4 billion in September.
NRI deposits rose by $1.3 billion in October taking the kitty of outstanding deposits of overseas Indian to $110.01 billion. NRI deposits saw a flow of $7.58 billion during April-October 2014, down from $18.98 billion in April-October 2013.
Meanwhile, the rupee breached the 62 mark again on Wednesday due to dollar demand from oil marketing companies. The rupee ended at 62.02 compared with previous close of 61.89 per dollar. During intra-day trades the rupee touched a low of 62.05.