First time in FY19, RBI becomes net buyer of dollars in Dec
PTI | Feb 17, 2019, 11:36 IST
Representative ImageMUMBAI: 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 2108, 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
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 2108, 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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