RBI Bulletin: Central bank net buys $254 million foreign currency in February

Central bank net buys $254 million foreign currency in February

The Reserve Bank of India (RBI) bought $254 million worth of foreign currency on a net basis in February, after remaining seller in the previous month, according to the data in the Reserve Bank of India (RBI) April Bulletin.

Data released by the central bank on April 21 showed net purchases of foreign currency in February stood at $4.381 billion while net sales were at $4.127 billion.

Further, the RBI bulletin showed that in the forward dollar market, the outstanding net purchase at the end of February was $20.470 billion, compared to $21.729 billion as of end-January.

Today, the Indian rupee ended at 82.09 against the US dollar.

RBI Governor Shaktikanta Das in the April Monetary policy said the Indian Rupee has moved in an orderly manner in the calendar year 2022 and continues to be so in 2023 also.

Further he said this is reflective of the strength of domestic macroeconomic fundamentals and the resilience of the Indian economy to global spillovers. We remain watchful and focused on maintaining stability of the Indian rupee.