Mumbai, Dec 31, 2004
Accretion to India's foreign exchange reserves showed a lower growth
of US dollar 6.6 billion in the first half ended September 2004, against
a rise of USD 16.2 billion in April-September 2003.
The current account balance showed net outgo (deficit) at USD 3.3 bn
(net surplus of USD 2.2 bn in H1 of 2003-04). The valuation loss in
reserves stood at USD 0.2 bn as against a benefit of USD 2.1 bn in the
same period last fiscal, according to data released by the Reserve Bank
here today.
The capital account (net) comprising foreign investment, banking capital,
short term credit, external commercial borrowings and other items recorded
a rise of USD 10.1 bn (USD 11.9 bn in H1 FY-04), it said.
The major sources of accretion to forex reserves during April-September
2004 were foreign investment (39.4 per cent), External Commercial Borrowings
(31.8 per cent) and short-term credit (30.3 per cent), it added.
Foreign investment inflows showed a lower growth of USD 2.6 bn (USD
5.1 bn). The net inflows under banking capital were down by USD 0.3
bn (USD 2.2 bn) while non-resident Indian deposits saw outflow of USD
1.3 bn (inflow of USD 2.2 bn).
Short term credit remained at USD two bn (USD two bn) and other items
in capital account at USD 2.7 bn (USD 2.6 bn) were also sources of accretion.
External Commerical Borrowings grew by USD 2.1 bn (USD 0.2 bn), the
RBI added.
India's foreign exchange reserves as on December 17 stood at USD 130.62
bn. PTI