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RBI’s dollar buys near 4-year high! Reserve Bank of India’s net forex purchases hit $14.4 billion in March

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RBI’s dollar buys near 4-year high! Reserve Bank of India’s net forex purchases hit $14.4 billion in March
Between January and March, the RBI conducted three dollar-rupee buy-sell swaps with a combined value of $25 billion. (AI image)

The Reserve Bank of India’s (RBI) net monthly acquisitions in the foreign exchange market reached their highest level in four years during March, as the central bank executed forex swaps to provide liquidity to the banking system.Between January and March, the RBI conducted three dollar-rupee buy-sell swaps with a combined value of $25 billion. These swaps involved the RBI acquiring dollars and providing rupees in return, thus increasing the local-currency liquidity in the system.Two of these auctions, each worth $10bn, were completed in March.RBI engaged in forex operations, purchasing $41.5 billion whilst selling $27.2 billion in March, during which the rupee appreciated 2.3% against the dollar.

Liquidity Boost

Liquidity Boost

By March-end, the net outstanding forward sale position was $84.4 billion, down from February’s $88.7 billion, as per RBI data. The central bank’s forward book shows accumulated net dollar shorts, requiring either rollover or liquidity injection to prevent drainage from the banking system, economists noted.According to data released in the RBI’s monthly bulletin on Wednesday, the central bank’s net purchases in the forex market during March amounted to $14.4 billion, in contrast to net sales of $1.6 billion in the previous month. This represents the highest net acquisition since June 2021, according to an ET report.Also Read | Big hit for Indians in the US! How Donald Trump’s steps to curb migration, tax remittances may cost India billions of dollars“The net number for March would have been negative (net sale) if the RBI had not conducted a buy-sell swap worth $20bn,” said Gaura Sen Gupta, chief economist, IDFC First Bank.“The RBI’s intervention in the foreign exchange market has implications on the banking system liquidity. Keeping in mind that the central bank is focused on transmission of rate cuts, we don’t expect meaningful reduction in the forward book, although there could be small reductions, depending on the capital inflows,” she added.Upon maturity of short positions, the RBI must exchange dollars for rupees, affecting INR liquidity. Dollar sales will also influence RBI’s forex reserves, currently at $691 billion, having decreased from $704.9 billion in late September 2023.





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