{"id":100523,"date":"2018-11-18T17:46:34","date_gmt":"2018-11-18T17:46:34","guid":{"rendered":"https:\/\/www.bnreport.com\/rbi-net-sells-18-66-billion-of-dollars-during-apr-sept\/"},"modified":"2018-11-18T17:46:34","modified_gmt":"2018-11-18T17:46:34","slug":"rbi-net-sells-18-66-billion-of-dollars-during-apr-sept","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/rbi-net-sells-18-66-billion-of-dollars-during-apr-sept\/","title":{"rendered":"RBI net sells $18.66 billion of dollars during Apr-Sept"},"content":{"rendered":"

Mumbai: The Reserve Bank of India (RBI) net sold $18.662 billion of the greenback in the spot market, during the first seven months of the current financial year, according to RBI<\/a> data. <\/p>\n

In the same period last year, RBI was a net purchaser of the greenback, as it had bought $16.301 billion. <\/p>\n

In September, RBI sold $31 million of the US currency in the spot market on a net basis, as per the latest RBI data. <\/p>\n

In the reporting month, the central bank purchased $1.012 billion, while selling $1.043 billion in the spot market. <\/p>\n

In August, and July, it had sold $2.323 billion and 1.87 billion, respectively, on a net basis. <\/p>\n

The apex bank said that In April, May and June, it had, on net basis, sold $2.483 billion, $5.767 billion and $6.184 billion of the US currency, respectively. <\/p>\n

In September 2017, RBI had net bought $1.259 billion of dollar<\/a>, after it purchased $3.788 billion and $2.529 billion in the spot market. <\/p>\n

RBI maintains that its intervention in the foreign exchange market<\/a> is to curb volatility in the rupee and not to target a level of the domestic currency. <\/p>\n

The central bank has been very active in the past few months in the spot market to save the rupee which got battered against the US dollar. <\/p>\n

The domestic currency fell to a historic low of Rs 74.1 against the dollar in October. <\/p>\n

In FY18, the apex bank had net purchased $33.689 billion of US dollars from the spot market. It had bought $52.068 billion from the spot market, while selling $18.379 billion. <\/p>\n

In FY17, RBI had bought $12.351 billion of the US dollars on a net basis. <\/p>\n

In the forward dollar market<\/a>, the outstanding net forward sales at the end of September was $1.358 billion, compared with a purchase of $5.730 billion in August, according to RBI data. <\/p>\n

<\/a><\/strong> <\/a><\/p>\n

Original Article<\/a><\/p>\n

[contf]
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ET Markets<\/a><\/h5>\n

[contfnewc]
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Mumbai: The Reserve Bank of India (RBI) net sold $18.662 bil..<\/p>\n","protected":false},"author":1,"featured_media":100524,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[202],"tags":[],"class_list":["post-100523","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"\nRBI net sells $18.66 billion of dollars during Apr-Sept - Business News Report<\/title>\n<meta name=\"description\" content=\"Mumbai: The Reserve Bank of India (RBI) net sold $18.662 bil..\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bnreport.com\/en\/rbi-net-sells-18-66-billion-of-dollars-during-apr-sept\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"RBI net sells $18.66 billion of dollars during Apr-Sept - 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