RBI sells US$ 100mn, becomes net seller of US Dollars in October 2021

In September, the RBI had purchased US$9.169bn and had sold US$8.378bn in the spot market, according to the December bulletin

December 15, 2021

RBI sells US$ 100mn in the spot market in October as against US$791mn in September.

The month of December saw the central bank purchase US$7.755bn and sell US$7.855bn worth of currency.

During the financial year 2020-21, the RBI made a net purchase of US$68.315bn from the spot market.

As per the monthly bulletin report, the RBI made an outstanding net purchase of US$49.106Bbn.

After the Reserve Bank of India sold US$100 million in the spot market, it turned net seller of the US currency in October 2021, according to the bulletin report released in December. The Central bank is seen to have purchased US$ 7.755 billion from the spot market and sold US $7.855 billion during the period. The RBI is reported to have sold the US currency in the spot market on a net basis for the second time in the same financial year 2020-21. The RBI has remained a net purchaser for nine straight months since it had sold US$1.142 billion in April. 

The report also documents that the RBI had bought US$791 million worth of currency in September. It had purchased US$9.169 billion and sold US$8.378 billion in the spot market during the month of September, as per the bulletin report. US$15.64 billion worth of currency had been purchased as of October 2020. 

Overall, during the accounting year from 2020-21, RBI had net purchased US $68.315 billion from the spot market, out of which, it had bought US $162.479 billion from the spot market and sold US$94.164 billion, as per the reports. In the previous month, RBI made an overdue net purchase of US$49.106 billion against the net purchase of US$49.606 billion.