The Reserve Bank of India (RBI) remained net seller of the US dollar in August, as it sold $2.323 billion of the greenback in the spot market, RBI data showed.
In the reporting month, the central bank purchased $3.680 billion, while sold $6.003 billion in the spot market, according to the data.
In July, June, May and April, the RBI had net sold $1.87 billion, $6.184 billion, $5.767 billion and $2.483 billion of US dollar, respectively.
In August 2017, the apex bank was net buyer of US currency, after it had bought $4.556 billion, while sold $1.330 billion in the spot market.
RBI maintains that its intervention in the foreign exchange market is to curb volatility in the rupee and not to target a level of the domestic currency.
In FY18, the apex bank had net purchased $33.689 billion of US dollars from the spot market. It had bought $52.068 billion from the spot market, while selling $18.379 billion.
In FY17, the RBI had bought $12.351 billion of the US dollar on a net basis.
In the forward dollar market, the outstanding net forward purchase at the end of August was $5.730 billion, compared with $10.689 billion in July, according to the RBI data.
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