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For the first time in FY20, RBI becomes net seller of dollars in July

The Reserve Bank has turned a net seller of dollars for first time this fiscal in July, having sold $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 $1.592 billion but sold $1.685 billion in the spot market.

In June, the RBI had net purchased $2.463 billion, as it bought $4.434 billion and sold $1.971 billion.

In May and April, the central bank had net purchased $2.538 billion and $4.901 billion, respectively.

In July 2018, the RBI had net sold $1.874 billion.

In FY19, the apex bank was a net seller of the US unit offloading $15.377 billion in the spot market. It had bought $40.804 billion and sold $56.181 billion in the year to March 2019.

In FY18, the RBI had net purchased $33.689 billion from the spot market, taking its total dollar purchase to $52.068 billion, while selling only $18.379 billion.

In the forwards market, the outstanding dollar sales at the end of July was $8.609 billion, compared to a sale of $13.406 billion in June.

Source: Business Standard