RBI continues as a net buyer of US dollar post purchase of $3.91 billion

The Reserve Bank of India (RBI) continued as a net buyer of the US dollar in December following its purchase of $3.991 billion from the spot market, according to data. In the RBI’s monthly bulletin for February 2021, it read that within the period of the reporting month, the central bank purchased $10.014 billion and sold $6.023 billion in the spot market.

In November 2020, it was a net buyer of the US dollar after it had spent $14.289 billion and received $4.028 billion by selling the US dollar. In December 2019, the central bank had purchased $5.374 billion and sold $1.014 billion in the spot market.

In FY20, the central bank had net purchased $45.097 billion. RBI had bought $72.205 billion and sold $27.108 billion in the spot market.

In the forward dollar market, the remaining net purchase at the end of December was $39.792 billion, in contrast to a net purchase of $28.344 billion in November, cited the data.

As of 3rd March, $1 is equal to Rs 72.75. The rupee gained 22 paise to Rs 73.15 during early trading on the same day.