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According to RBI data, the net of the Indian Reserve Bank (RBI) is sold at $ 18.662 billion in the spot market, during the first seven months of the current fiscal year.
At the same time last year, RBI was a net buyer of the greenback, having bought $ 16.301 billion. In September 2018, RBI sold 31 million US dollars in the cash market to the cash market, according to the latest RBI data.
During the reference month, the central bank bought $ 1.012 billion, while selling $ 1.043 billion in the spot market. In August and July, he sold $ 2.323 billion and $ 1.87 billion respectively.
The apex bank said that in April, May and June, it sold $ 2.483 billion, $ 5.767 billion and $ 6.184 billion respectively. In September 2017, RBI had bought $ 1.259 billion worth of dollars after buying $ 3.788 billion and $ 2.529 billion in the spot market.
RBI maintains that its intervention on the foreign exchange market is to reduce the volatility of the rupee and not to target a level of the national currency. The central bank has been very active in recent months on the spot market to save the rupee that has been beaten against the US dollar.
The national currency fell to a record low of Rs 74.1 against the dollar in October.
During fiscal year 18, the central bank had purchased $ 33.689 billion US dollars in the spot market. She had bought $ 52.068 billion in the spot market and sold $ 18.379 billion. In fiscal 2017, RBI had purchased 12.351 billion US dollars on a net basis.
In the dollar futures market, outstanding net term sales at the end of September amounted to $ 1.358 billion, compared to a purchase of $ 5.730 billion in August, according to the data. of RBI.
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