Mumbai: Having been a net seller of the greenback in FY19, the Reserve Bank turned a net buyer of the US dollar in the first month of FY20, purchasing USD 4.901 billion in April on a net basis from the spot market, according to the latest data from the monetary authority.
During the reporting month, the central bank bought USD 7.724 billion and sold USD 2.823 billion in the spot market. As against this, in April 2018, it had net sold USD 2.483 billion after purchasing USD 5.536 billion and selling USD 8.019 billion.
In FY19, the apex bank was a net seller of the dollar offloading as much as USD 15.377 billion in the market. It had bought USD 40.804 billion and sold USD 56.181 billion in the year to March 2019.
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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 the only USD 18.379 billion.
In the forward's dollar market, the outstanding sales at the end of April was USD 18.512 billion, compared to a sale of USD 13.774 billion in March, according to the central bank data released Tuesday.
