RBI remains net buyer of greenback in September, snaps up $1.3 billion | business-news | Hindustan Times
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RBI remains net buyer of greenback in September, snaps up $1.3 billion

The central bank bought $3.788 billion, while it sold $2.529 billion in the spot market, according to the latest RBI data.

business Updated: Nov 12, 2017 12:07 IST
The Reserve Bank of India headquarters in Fort, Mumbai.
The Reserve Bank of India headquarters in Fort, Mumbai. (File)

The Reserve Bank of India (RBI) continued to remain net purchaser of the US currency after it bought $1.259 billion in September from the spot market.

In the reporting month, the central bank bought $3.788 billion, while it sold $2.529 billion in the spot market, according to the latest RBI data.

In August too, the central bank was net purchaser of 3.226 billion of the greenback, buying $4.556 billion and selling $1.330 billion in the spot market.

The RBI intervenes in the foreign market to contain volatility in the rupee and not set a price band.

Last year in September, the RBI had net purchased $4.649 billion and had sold $4.392 billion, while it bought $9.041 billion from the spot market.

In FY17, it net purchased 12.351 billion of the US currency as it bought $71.764 billion and sold $59.413 billion in the spot market.

In financial year 2016, the central bank was again a net buyer to the tune of $10.209 billion.

In the forward dollar market, the outstanding net purchase at the end of September was $31.131 billion, while the net forward purchase at the end of August was $32.823 billion, the data showed.