Sources of Variation in Foreign Exchange Reserves in India: April-December 2008 - ആർബിഐ - Reserve Bank of India
Sources of Variation in Foreign Exchange Reserves in India: April-December 2008
Earlier today, the Reserve Bank of India released the Balance of payments (BoP) data for April-December 2008 on its website (www.rbi.org.in). On the basis of these data, sources of variation in foreign exchange reserves during April-December 2008 have been compiled. Sources of Variation in Foreign Exchange Reserves: April-December 2008 During April-December 2008, there was a decline in foreign exchange reserves. The variation in the main components of foreign exchange reserves during April-December 2008 are set out in Table 1.
The foreign exchange reserves (including the valuation effects) declined by US$ 53,755 million during April-December 2008 as against an increase of US$ 76,137 million during April-December 2007 (Table 2). On a BoP basis (i.e., excluding valuation effects), the foreign exchange reserves declined by US$ 20,380 million during April-December 2008 as against an increase of US$ 67,174 million during April-December 2007. Valuation loss, reflecting the depreciation of major currencies against the US dollar accounted for US$ 33,375 million or 62.1 per cent of the total decline in foreign exchange reserves of US$ 53,755 million during April-December 2008 as against a valuation gain of US$ 8,963 million during the corresponding period of previous year. Apart from current account deficits, outflows under FIIs were the other major sources contributing to decline in foreign exchange reserves during April-December 2008.Ajit PrasadManagerPress Release : 2008-2009/1623 |