Reserve Bank of India Bought U.S. $ 7.78 Billion in Spot Forex Market in March
MUMBAI: The Reserve Bank of India was a net buyer of dollars worth U.S. $ 7.78 billion in the spot forex market in March. As per the data of Monthly Bulletin for May 2014, the central bank purchased $ 8.75 billion in March while it sold U.S. $ 970 million during the month.
However, in February, RBI had sold a net U.S. $ 530 million in the spot forex market. For the entire 2013-14, there were net buys of U.S. 4 8.99 billion, showed the data. RBI sells and purchases dollar in the market to check currency volatility.
In the forward dollar market, the outstanding net forward sales at the end of March by the RBI stood at $ 31.03 billion, versus U.S. $ 31.32 billion in the previous month. The rupee today closed flat at 60.05 per U.S. $, after having surged to almost a 10-month high level of 59.51 per U.S. dollar earlier in the day.
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