India's foreign exchange reserves increased by $24.34 billion to $424.55 billion as of end March 2018 from $400.21 billion as of end September 2017, Reserve Bank of India (RBI) said.
During September 2017 and March 2018, reserves decreased to $399.23 billion as of end October 2017, increased to $401.94 billion as at end November 2017, $409.07 billion as of end December 2017, $422.37 billion as of end January 2018 and $420.96 billion as of end February 2018.
At the end of December 2017, the import cover decreased to 10.8 months from 11.3 months at end March 2017, the RBI said in its half yearly report on Saturday.
The foreign exchange reserves, when reckoned on balance of payment (BoP) basis (excluding valuation effects), increased by $30.3 billion during April-December 2017 as compared with an increase of $14.2 billion during the same period of 2016, according to the PTI report.
The reserves in nominal terms (including valuation effects) increased by $39.1 billion during April-December 2017 as against the depletion of $1.3 billion during the April-December 2017.
The ratio of short-term debt to foreign exchange reserves, which was 23.8 per cent at end March 2017, remained at the same level at end December 2017, the report said.
The RBI holds 560.32 tonnes of gold, of which 268.01 tonnes are held overseas in safe custody with the Bank of England and the Bank for International Settlements (BIS).
Gold as a share of the total foreign exchange reserves in value terms (USD) stood at about 5.0 per cent as of end March 2018.
India’s net International Investment Position (IIP), as of end December 2017 was negative at $429.7 billion, implying that the sum of all external liabilities is more than that of the external assets.
The IIP is a summary record of the stock of the country’s external financial assets and liabilities.
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