RBI Bulletin: Central bank bought foreign currency worth $7.70 billion on net basis in April

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The Reserve Bank of India (RBI) bought $7.704 billion worth of foreign currency on a net basis in April, sharply higher than the previous month, according to the data in the RBI June Bulletin.

Data released by the central bank on June 23 showed purchases of foreign currency in April stood at $8.404 billion while net sales were at $700 million.

The bulletin said the Indian rupee is turning out to be the most stable currency, at least among emerging market peers.

The RBI Bulletin is a monthly publication that offers insights into the developments in domestic and global economies but doesn’t represent the views of the central bank.

While, the outstanding net forward purchases at the end of April stood at $19.932 billion.

Further, the bulletin said net accretion to all accounts- Non-Resident Ordinary (NRO); Foreign Currency Non-Resident [FCNR(B)] accounts, and Non-Resident (External) Rupee Accounts [NR(E)A] the overall net accretions to non-resident deposits increased to $9.0 billion in
2022-23 from $3.2 billion a year ago.