Millennium Post

RBI net buyer of $ for 4th month in July

For the fourth consecutive month, the Reserve Bank became a net purchaser of dollars after it bought $5.453 billion in July from the spot market.

The amount of dollars purchased in the month by the central bank was the highest at $9.348 billion in the reporting month, RBI data showed. The apex bank sold $3.895 billion dollars in the spot market in July. Last year in the same month, RBI was a net seller of the greenback after it purchased $50 million and sold $6.026 billion.

In June, RBI had bought $3.332 billion from the market while it sold $2.735 billion. In the entire FY14, RBI net purchased $8.992 billion. It had bought $52.394 billion and sold $43.402 billion in the previous fiscal.

RBI's  intervention in the foreign exchange market is to curb volatility in the currency market.
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