RBI net buyer of dlrs in May too, snaps up $2.54 b

The Reserve Bank has continued to remain a net buyer of the greenback for the second consecutive month in FY20, buying a net of USD 2.538 billion in May from the spot market, according to the latest central bank data. During the month, the central bank has bought USD 5.118 billion and sold USD2.580 billion from the spot market.

In April, the RBI had net purchased USD 4.901 billion. In May 2018, the central bank had net sold USD 5.767 billion of the US currency after buying USD 4.101 billion and selling USD 9.868 billion.

In FY19, the apex bank was a net seller of the dollar offloading USD 15.377 billion in the spot market. It had bought USD 40.804 billion and sold USD 56.181 billion in the year to March 2019. In FY18, RBI had net purchased USD 33.689 billion from the spot market, taking its total dollar purchase to USD 52.068 billion, and sold only USD 18.379 billion.

In the forwards dollar market, the outstanding sales at the end of May was USD 18.288 billion, compared to a sale of USD 18.512 billion, the data showed..