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India cenbank net bought $13.25 billion in spot forex market in March, bulletin shows

Jaspreet Kalra
·1-min read
FILE PHOTO: FILE PHOTO: FILE PHOTO: A Reserve Bank of India (RBI) logo is seen inside its headquarters in Mumbai

By Jaspreet Kalra

MUMBAI (Reuters) - The Reserve Bank of India (RBI) bought a net $13.25 billion in the spot foreign exchange market in March, data released on Tuesday as part of the central bank's monthly bulletin showed.

The RBI said it purchased $14.84 billion and sold $1.59 billion during the month. In the previous month, it had bought a net $8.56 billion in the spot market.

The Indian rupee weakened by 0.6% against the dollar in March, and had traded in a range of 82.64 to 83.45.

The RBI's net outstanding forward sales stood at $541 million as of end-March, compared to net purchases of $9.69 billion at the end of February, the data showed.

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The central bank intervenes in the spot and forwards market to curb exchange rate volatility. The currency closed at 83.3050 against the dollar on Tuesday. [INR/]

(Jaspreet Kalra; Editing by Varun H K)