RBI net dollar purchase touches $565 million in June

MUMBAI: The Reserve Bank has remained net buyer of the US currency in June with it net purchase totalling $565 million from the spot market.

The central bank bought $5.530 billion from the market, while it sold $4.965 billion in the reporting month, RBI said in monthly bulletin release today.

However, the net amount purchased in June was much lower than it did in April and May, when RBI had net purchased $5.431 billion and $2.578 billion, respectively.

June last year, the apex bank had purchased $597 million on a net basis, after it bought $3.332 billion and sold $2.735 billion in the spot market.

In 2014-15, the central bank had net purchased $54.837 billion. It had bought $124.414 billion and sold $69.577 billion in the previous fiscal.

RBI intervention in the foreign exchange market is aimed at curbing volatility in the currency market.

In the forwards dollar market, the outstanding net forward purchase at the end of June stood at $2.592 billion as against purchase of $1.862 billion as of end May.