RBI turns net buyer of dollars in June

The shift narrowed RBI’s cumulative net sales for the fiscal year to -$14.5 billion and reduced its outstanding forward short position to -$103.3 billion. In the currency futures market, purchases and sales were balanced at $2.9 billion each, leaving zero net outstanding futures. The dollar purchases came as resident Indians increased outward remittances under the Liberalised Remittance Scheme.