The Reserve Bank of India (RBI) was a net seller of the US currency to the tune of $1.142 billion in the first month of this fiscal, according to central bank data. In April, the RBI purchased $2.450 billion and sold $3.592 billion of the US currency in the spot market.
In the same month of FY20, the central bank was a net buyer of the greenback to the tune of $4.901 billion.
It had bought $7.724 billion of the US currency from the spot market and sold $2.823 billion.
In March 2020, RBI had bought $3.984 billion of the US currency and sold $8.038 billion in the spot market.
For the full fiscal 2019-20, the central bank was a net purchaser of the US dollar at $45.097 billion. It had bought $72.205 billion and sold $27.108 billion in the spot market.
In the forward dollar market, the outstanding sales at the end of April was $1.739 billion, compared to sales of $4.939 billion in March, the data showed.
Source:- moneycontrol.com