The Hindu Business Line : RBI picks up $2.3 b in March

Chennai May 14 The Reserve Bank of India purchased $2.3 billion in March, according to figures provided in the table on the sale/purchase of the US dollar by the RBI, given in its monthly bulletin.

The RBI has purchased $26.8 billion during the fiscal ended March 2007. That would have released rupee currency equivalent to Rs 1,18,994 crore into the system.

Forex reserves had risen by nearly $40 billion during the fiscal ended March 2007. The bulk of the purchases came in the month of February when the RBI bought nearly $12 billion.

The RBI purchased about $4.3 billion in April 2006 and another $0.5 billion in May 2006. This was followed by a spell of keeping away from the market for the next five months. In November, the bank resumed buying dollars, and totted up $3.2 billion.

The rupee started appreciating sharply from mid-March when it was trading at 44.21 to the dollar.

There has been no sale of dollars during the fiscal, according to the bulletin.

In the previous fiscal ended March 2006, there was a purchase of about $15 billion and a sale of about $7 billion.

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