RBI net buyer of greenback in August; snaps up USD 850 mn

The Reserve Bank remained net purchaser of the greenback in August, snapping up USD 850 million from the spot market in the month, according to the central bank data.
The central bank bought USD 5.070 billion from the spot market and sold USD 4.220 billion in the reporting month - making it a net buyer of USD 850 million, RBI said in its monthly bulletin released today.
In July, the central bank had net bought USD 1.4 billion.
In August 2015, RBI had net sold USD 1.559 billion after it bought USD 4.486 billion, and sold USD 6.045 billion in the spot market.

For the whole of last financial year, the Reserve Bank was net purchaser of USD 10.209 billion when it had bought USD 63.299 billion and sold USD 53.090 billion.
The RBI intervention in the foreign exchange market is aimed at curbing volatility. In the forward dollar market, the outstanding net forward purchase at the end of August was USD 94 million.