Reserve Bank of India turned net seller of the US currency in March after it sold $20.101 billion on a net basis in the spot market, according to RBI’s monthly bulletin for May 2022.

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In the reporting month, the central bank purchased $4.315 billion from the spot market and sold $24.416 billion, the bulletin released on Tuesday showed.

In March 2021, RBI had net purchased $5.699 billion of the greenback. In February 2022, RBI had net bought $771 million of the US currency after it purchased $5.946 billion and sold $5.175 billion in the spot market.

In the forward dollar market, the outstanding net purchase at the end of March 2022 was $65.791 billion, as compared to $49.106 billion in February 2022, the data showed.

During FY 2020-21, RBI had net purchased $68.315 billion from the spot market. It had bought $162.479 billion from the spot market and sold $94.164 billion during the fiscal 2020-21, the data showed.

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(Edited by : Anand Singha)

First Published:May 17, 2022 11:11 PM IST