RBI net buys $1.86b in spot forex market for 2nd month in May

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The Reserve Bank became net purchaser of dollars for the second consecutive month in May this fiscal buying $ 1.786 billion from the spot market.

During the month, the apex bank bought $ 7.981 billion from the market while it sold $ 6.195 billion, the RBI monthly data showed.

In April, RBI purchased $7.85 billion and sold $ 1.980 billion, thereby became a net buyer of $ 5.870 billion.

In May last year, RBI net sold $ 107 million in the market.

In the entire FY14, RBI net purchased $ 8.992 billion. It had bought $ 52.394 billion and sold $ 43.402 billion in the previous fiscal.

The central bank's intervention in the foreign exchange market is not described as increasing the forex cover but to curb volatility in the currency market.

In the forwards dollar market, the outstanding net forward sales at the end of May stood at $ 11.463 billion as against sales of $ 32.063 billion in the previous month.

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