The Reserve Bank has turned a net seller of dollars for first time this fiscal in July, having sold USD 93 million in the month on a net basis in the spot market, show the latest data from the central bank. During the reporting month, the Reserve Bank had purchased USD 1.592 billion but sold USD 1.685 billion in the spot market.
In June, the RBI had net purchased USD 2.463 billion, as it bought USD 4.434 billion and sold USD 1.971 billion. In May and April, the central bank had net purchased USD 2.538 billion and USD 4.901 billion, respectively.
In July 2018, the RBI had net sold USD 1.874 billion. In FY19, the apex bank was a net seller of the US unit offloading USD 15.377 billion in the spot market. It had bought USD 40.804 billion and sold USD 56.181 billion in the year to March 2019.
In FY18, the RBI had net purchased USD 33.689 billion from the spot market, taking its total dollar purchase to USD 52.068 billion, while selling only USD 18.379 billion. In the forwards market, the outstanding dollar sales at the end of July was USD 8.609 billion, compared to a sale of USD 13.406 billion in June.
Source: Financial Express