The Reserve Bank of India remained a net buyer of the US currency in August after it purchased USD 5.307 billion on a net basis from the spot market.
During the reporting month, the central bank bought USD 8.524 billion from the spot market and sold USD 3.217 billion, according to the monthly bulletin released by the RBI.
The RBI had net sold USD 4.072 billion. It had bought USD 615 million and sold USD 4.687 billion in the spot market during August 2019.
In July 2020, it had purchased USD 15.973 billion on a net basis from the spot market. In June and May, the RBI had bought USD 9.814 billion and USD 4.363 billion, respectively, on a net basis. In April, it had sold USD 1.142 billion.
In FY20, the central bank net purchased USD 45.097 billion. It had bought USD 72.205 billion, while sold USD 27.108 billion in the spot market.
In the forward dollar market, the outstanding net purchase at the end of August was USD 10.351 billion, compared to net sales of USD 379 million in July, the data showed.