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RBI’s dollar purchases hit 4-month low

RBI’s June dollar purchases hit a 4-month low touching US$ 4.4 billion, according to the latest figures released by the central bank. This has been attributed to the dollar inflows that started amid uncertainties in the global markets. It sold US$ 2 million during the same period, taking its net purchases to US$ 2.4 billion, a significant change from June’18 when it sold a net of US$ 6.1 billion. In the forward market, it doubled its purchases & bought US$ 4.9billion, as the outstanding forward sakes fell from US$ 18.3 billion in May to US$ 13.4 billion in June. FPIs (a little over US$ 1 billion) too dropped to almost one-fourth of those registered in May’19 in June. Previously, in February’19, RBI’s net dollar purchases amounted to US$ 4.9 billion from the spot market.