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RBI net dollar buyer for third straight month in Feb, snaps up $825 mn

Press Trust of India/Mumbai 14 Apr 19 | 01:50 PM

The Reserve Bank remained a net buyer of the US dollar for the thirdconsecutive month in February, when it bought $825 million from the spot market, according to the data from the central bank.

In the reporting month, the central bank bought $2.086 billion and sold $1.261 billion in the spot market as the rupee was under pressure.

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The central bank had turned net buyer of dollar for the first time in fiscal 2019 in December 2018, buying $607 million.

In January 2019, the RBI had net purchased $293 million.

It had bought $1.025 billion from the spot market and sold $732 million.

In February 2018, the apex bank was also a net buyer of $1.665 billion purchasing $3.320 billion and selling $1.655 billion in the spot market.

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 the foreign exchange reserves.

In the forward dollar market, the outstanding forward sales at end February was $4.372 billion, compared to a sale of $3.032 billion in January, according to the RBI data.

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