The Reserve Bank of India became a net seller of the US dollar in March, selling USD 20.101 billion on a net basis in the spot market, according to RBI's monthly report for May 2022.

The central bank bought USD 4.315 billion from the spot market and sold USD 24.416 billion in the reporting month, according to the bulletin released on Tuesday. The Reserve Bank of India purchased USD 5.699 billion of the greenback in March 2021. RBI net acquired USD 771 million of US currency in February 2022, after purchasing USD 5.946 billion and selling USD 5.175 billion in the spot market.

According to the data, the outstanding net buy in the forward dollar market at the end of March 2022 was USD 65.791 billion, up from USD 49.106 billion in February 2022. The RBI had USD65.79 billion in net long outstanding forward foreign currency positions at the end of March, up from USD49.11 billion in February. The RBI gross acquired and sold USD570 million each in the currency futures segment, leaving no net outstanding currency futures at the end of March.

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