After being net seller of the US currency in the first month of this fiscal, the Reserve Bank of India (RBI) turned net purchaser in May as it bought USD 4.363 billion of the greenback on net basis, according to RBI data.
During the month, the RBI bought USD 4.663 billion from the spot market while sold USD 300 million. In April, the central bank had sold USD 1.142 billion US dollar on a net basis.The central bank in May 2019 had bought USD 2.538 billion of the greenback on a net basis. It had purchased USD 5.118 billion and sold USD 2.580 billion in the spot market in May 2019.In FY20, the central bank was net purchaser of the US dollar at USD 45.097 billion. It had bought USD 72.205 billion while sold USD 27.108 billion in the spot market. In the forward dollar market, the outstanding net sales at the end of May stood at USD 1.958 billion, compared to a sale of USD 1.739 billion in April, the data showed.
