According to data released by Reserve Bank, the apex bank continued to remain net seller of the US currency for the third consecutive month in June this year, after it sold USD 6.184 billion of the US dollar in the spot market.
In this month, RBI bought USD 4.020 billion of the US dollar, while sold USD 10.204 billion in the spot market. In May and April, RBI had net sold USD 5.767 billion and USD 2.483 billion of the US dollar, respectively.
RBI clarified that its intervention in the foreign exchange market is aimed to curb volatility in the rupee and not to target a level of the domestic currency. In FY18, the apex bank had net purchased USD 33.689 billion from the spot market.
It had bought USD 52.068 billion from the spot market, while selling USD 18.379 billion. In FY17, RBI had bought USD 12.351 billion of the US dollar on a net basis.