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Forex reserves up $26.4 b in April-December

MUMBAI, APRIL 1. Propelled by foreign investment inflows, India's foreign exchange reserves grew by $26.4 billion for the nine-month period ended December 31, 2003, over a rise of $16.3 billion in the corresponding period of the previous fiscal.

The capital account (net) comprising foreign investment, banking capital, short-term credit, external commercial borrowings and other items recorded a rise of $17.8 billion ($9.7 billion), according to the data released by the Reserve Bank of India here today.

The current account balance and valuation change contributed $3.2 billion ($2.9 billion) and $5.4 billion ($3.7 billion) respectively, it said.

The major sources of accretion to forex reserves during April-December 2003 were foreign investment (38.3 per cent), comprising foreign direct investment (9.5 per cent) and portfolio investment (28.8 per cent).

Foreign investment inflows rose by $10.1 billion ($3.1 billion). However, net inflows under banking capital were up by $5.6 billion ($6.8 billion) while non-resident Indian deposits surged by $3.5 billion ($2.4 billion).

Short term credit at $2.4 billion ($400 million) and other items in capital account at $3.4 billion ($1.4 billion) were the other sources of accretion.

External commercial borrowings, however, contracted by $3.7 billion ($2 billion), the RBI added. India's foreign exchange reserves as on March 19 stood at $109.9 billion.

PTI

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