The Reserve Bank of India (RBI) turned net seller of the US dollar after it sold $4.054 billion in March on a net basis in the spot market, recent RBI data showed. In the reporting month, the RBI had bought $3.984 billion of the US currency and sold $8.038 billion in the spot market, RBI data showed.
In March 2019, the central bank was net buyer of the greenback as it had purchased $9.408 billion. It bought $10.306 billion from the spot market and sold $898 million.
In February, the RBI had bought $10.604 billion of the US currency and sold $1.460 billion in the spot market.
In FY19, the apex bank was a net seller of dollars, 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 the forward dollar market, the outstanding sales at the end of March was $4.939 billion, compared to a sale of $2.295 billion in February, the data showed.
Source:- moneycontrol.com