 "RBI turns net seller of US currency in March to defend rupee; sells $20 bn")
Reserve Bank of India turned net seller of the US currency in March after it sold USD 20.101 billion on a net basis in the spot market, according to RBI's monthly bulletin for May 2022.
In the reporting month, the central bank purchased USD 4.315 billion from the spot market and sold USD 24.416 billion, the bulletin released on Tuesday showed.
In March 2021, RBI had net purchased USD 5.699 billion of the greenback.
In February 2022, RBI had net bought USD 771 million of the US currency after it purchased USD 5.946 billion and sold USD 5.175 billion in the spot market.
In the forward dollar market, the outstanding net purchase at the end of March 2022 was USD 65.791 billion, as compared to USD 49.106 billion in February 2022, the data showed.
During FY 2020-21, RBI had net purchased USD 68.315 billion from the spot market. It had bought USD 162.479 billion from the spot market and sold USD 94.164 billion during the fiscal 2020-21, the data showed.