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India cenbank mops up net $5 bln from spot FX in May
July 11, 2017 / 11:44 AM / 5 months ago

India cenbank mops up net $5 bln from spot FX in May

MUMBAI, July 11 (Reuters) - The Reserve Bank of India bought a net $5 billion in May in spot foreign exchange markets, sharply above the $566 million in April, the central bank’s monthly bulletin showed on Tuesday.

The figure consisted of a purchase of $7.02 billion in spot markets and the sale of $2.01 billion, the data further showed.

India attracted $5.59 billion in foreign inflows in May, the biggest monthly total so far this year, leading the RBI to sharply increase the purchase of dollars in spot markets compared to April.

The rupee moved in a 63.95-65.10/dollar band in May, and has strengthened 5.2 percent against the U.S. currency so far in 2017, outperforming most of its Asian peers.

For full breakdown of RBI's FX management see: bit.ly/2tIW37r (Reporting by Suvashree Dey Choudhury; Editing by Rafael Nam)

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