RBI's intervention in the foreign exchange market is to curtail volatility in the rupee market.
Mumbai: The Reserve Bank purchased USD3.226 billion of dollars on net basis in August from the spot market.
The central bank bought USD 4.556 billion during the reporting month while sold USD 1.330 billion in the spot market, according to the latest RBI data.
In July, RBI net purchased USD 2.953 billion of the US currency, after it bought USD 4.893 billion and sold USD 1.940 billion in the spot market.
RBI's intervention in the foreign exchange market is to curtail volatility in the rupee market. Last year in August, RBI had net bought USD 850 million of dollar.
In FY17, it net purchased USD 12.351 billion of the US currency as it bought USD 71.764 billion and sold USD 59.413 billion in the spot market.
In the financial year 2016, RBI was net buyer to the tune of USD 10.209 billion.
In the forward dollar market, the outstanding net purchase at the end of August was USD 32.823 billion, RBI data showed, while the net forward purchase at July-end was USD 26.450 billion.