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RBI Net Purchaser of $5.87 Billion From Spot Forex Market in April

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Mumbai: 

The Reserve Bank of India (RBI) was a net purchaser of dollars in the first month of the current fiscal year after it bought $5.87 billion from the spot market.

During the month, the apex bank purchased $7.85 billion from the market and it sold $1.98 billion, RBI data released on Tuesday showed.

In March, the RBI bought $8.752 billion and sold $970 million; thereby becoming a net buyer of $7.782 billion.

In the previous fiscal year, the RBI was net buyer of $8.99 billion, according to the data. In the entire FY14, the RBI bought $52.394 billion and sold $43.402 billion.

The apex bank's intervention in the foreign exchange market is to check volatility in the currency.

In the forward dollar market, the outstanding net forward sales at the end of April stood at $32.062 billion, versus sales of $31.03 billion in the previous month.

The rupee on Tuesday ended at 59.29, nine paise down from the previous close. (Read more)

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