First Time in FY19, RBI Becomes Net Buyer of Dollars in December
The central bank bought $837 million and sold $230 million in the spot market during the reporting month.
A Reserve Bank of India (RBI) logo is seen at the gate of its office in New Delhi. (Reuters/Altaf Hussain/Files)
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Mumbai: The Reserve Bank has turned net buyer of dollars in December, first time in the current fiscal year, as it purchased $607 million of the greenback on a net basis from the spot market, according to the latest data.
The central bank bought $837 million and sold $230 million in the spot market during the reporting month. As against this, in December 2017, the RBI was a net buyer of $5.647 billion, after it bought $6.008 billion from the market and sold $361 million.
Between April and November 2018, the central bank had net sold $26.51 billion in the spot market against net purchase of $18.017 billion in the same period in 2017.
In FY18, the apex bank had net purchased $33.689 billion from the spot market, taking its total dollar purchase to $52.068 billion, and sold only $18.379 billion, this helped the country for the first time scale a life-time peak of $426.028 billion for the week to April 13, 2018 in forex reserves.
But since then, the forex kitty has been fluctuating and mostly sliding. The forex reserves stood at $398.122 billion for the fortnight ended February 8, 2019 and has reportedly crossed the $400-billion-mark last week.
In FY17, the RBI had bought $12.351 billion on a net basis.
In the forward dollar market, the outstanding net forward sales at the end of December 2018 was $2.426 billion, compared to a sale of $1.924 billion in November,
show the RBI data.
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The central bank bought $837 million and sold $230 million in the spot market during the reporting month. As against this, in December 2017, the RBI was a net buyer of $5.647 billion, after it bought $6.008 billion from the market and sold $361 million.
Between April and November 2018, the central bank had net sold $26.51 billion in the spot market against net purchase of $18.017 billion in the same period in 2017.
In FY18, the apex bank had net purchased $33.689 billion from the spot market, taking its total dollar purchase to $52.068 billion, and sold only $18.379 billion, this helped the country for the first time scale a life-time peak of $426.028 billion for the week to April 13, 2018 in forex reserves.
But since then, the forex kitty has been fluctuating and mostly sliding. The forex reserves stood at $398.122 billion for the fortnight ended February 8, 2019 and has reportedly crossed the $400-billion-mark last week.
In FY17, the RBI had bought $12.351 billion on a net basis.
In the forward dollar market, the outstanding net forward sales at the end of December 2018 was $2.426 billion, compared to a sale of $1.924 billion in November,
show the RBI data.
Catch the Biggest Newsmakers and the Biggest Newsbreaks on CNN-News18, your favourite English TV news channel. Keep watching CNN-News18 at just 50 Paise per Month. Contact your cable /DTH operator Now!
*Rental / capacity fee of Rs.130/- as charged by cable / DTH operator may apply. **GST extra.