MUMBAI: India's central bank bought a net $4.69 billion in the spot foreign exchange markets in March, compared with net sales of $3.34 billion in February, according to the Reserve Bank of India's monthly bulletin released on Tuesday.
Overall, the RBI had bought a total of $8.03 billion and sold $3.35 billion in spot FX markets in March, a month in which the rupee had surged 3.25 percent against the dollar, sparking central bank intervention to curb volatility.
The dollar purchases have contributed to swelling foreign exchange reserves, which hit a record $363.12 billion as of April 29.
The central bank's net outstanding forward dollar sales stood at $4.25 billion as of the end of March, compared with net outstanding sales of $2.41 billion at the end of February.
In the currency futures market, the RBI bought a net $970 million in March compared with net sales of a similar amount in the previous month, the bulletin showed.
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