Data Alert
RBI net sells $6.49 bln in FX market Aug, most in nearly 2 years
This story was originally published at 20:23 IST on 21 October 2024
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--RBI net sold $6.49 bln in FX mkt Aug vs $6.93 bln buy Jul
--RBI's Aug gross FX purchases $16.14 bln vs $23.57 bln Jul
--RBI's Aug gross FX sales $22.64 bln vs $16.64 bln in Jul
--RBI's net outstanding forward FX sales as of Aug 31 $18.98 bln
--CONTEXT:RBI net outstanding fwd FX sales Jul 31 were $9.10 bln
--RBI's net buy, sell in FX futures market nil in Aug
--RBI's Aug 31 net outstanding FX futures sales $897 mln vs $340 mln Jul 31
NEW DELHI – The Reserve Bank of India net sold $6.49 billion in the foreign exchange market in August, the highest in a month since September 2022, data released by the central bank on Monday showed. The RBI net purchased $6.93 billion in July.
On a gross basis, the central bank sold $22.64 billion in August, the most in a month since December, against $16.64 billion in July. It bought $16.14 billion in August, compared with $23.57 billion bought in the previous month.
In August, the rupee fell 0.2% against the dollar, while other emerging market units gained 2.3-6.4% against the greenback.
At the end of August, the RBI had net outstanding forward foreign exchange sales of $18.98 billion, compared with $9.10 billion at the end of July. The central bank's gross purchase and sale in the foreign exchange futures market were $1.99 billion each in August, making the net purchase or sale nil. At the end of August, the central bank had net outstanding foreign exchange futures sales of $897 million. End
US$1 = INR 84.07
Reported by Pratiksha
Edited by Akul Nishant Akhoury
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