The Reserve Bank of India (RBI) continued to be a net seller of the US dollar for the fourth consecutive month in July, after it sold $1.874 billion of greenback in the spot market, RBI data showed.

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In the reporting month, the central bank purchased $4.129 billion, while sold $6.003 billion in the spot market, the recent RBI data showed.

In June, May and April, the RBI had net sold $6.184 billion, $5.767 billion and $2.483 billion of the US dollar, respectively.

In July 2017, the apex bank was the net buyer of the US currency, as it had bought $4.893 billion, while sold $1.940 billion in the spot market.

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

In FY18, the apex bank had net purchased $33.689 billion from the spot market. It had bought $52.068 billion from the spot market, while selling $18.379 billion.

In FY17, RBI had bought $12.351 billion of the US dollar on a net basis.

In the forward dollar market, the outstanding net forward purchase at the end of July remained same as in June at $10.689 billion, RBI data showed.

First Published:Sept 11, 2018 7:40 PM IST