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 $1.874 billion of greenback in the spot market, RBI data showed.
In the reporting month, the central bank purchased $4.129 billion, while sold $6.003 billion in the spot market, the recent RBI data showed.
In June, May and April, the RBI had net sold $6.184 billion, $5.767 billion and $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 $4.893 billion, while sold $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 $33.689 billion from the spot market. It had bought $52.068 billion from the spot market, while selling $18.379 billion.
In FY17, RBI had bought $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 $10.689 billion, RBI data showed.
First Published: IST