The Reserve Bank of India (RBI) continued to be a net seller of the US dollar for the fourth consecutive month in July, after it sold USD 1.874 billion of greenback in the spot market, RBI data showed.
In the reporting month, the central bank purchased USD 4.129 billion, while sold USD 6.003 billion in the spot market, the recent RBI data showed.
In June, May and April, the RBI had net sold USD 6.184 billion, USD 5.767 billion and USD 2.483 billion of the US dollar, respectively.
In July 2017, the apex bank was the net buyer of the US currency, as it had bought USD 4.893 billion, while sold USD 1.940 billion in the spot market.
RBI maintains that its intervention in the foreign exchange market is to curb volatility in the rupee and not to target a level of the domestic currency.
In FY18, the apex bank had net purchased USD 33.689 billion from the spot market. It had bought USD 52.068 billion from the spot market, while selling USD 18.379 billion.
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In FY17, RBI had bought USD 12.351 billion of the US dollar on a net basis.
In the forward dollar market, the outstanding net forward purchase at the end of July remained same as in June at USD 10.689 billion, RBI data showed.
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