Sources of Variation in Foreign Exchange Reserves in India: April-June 2009-10 - ആർബിഐ - Reserve Bank of India
Sources of Variation in Foreign Exchange Reserves in India: April-June 2009-10
Earlier today, the Reserve Bank of India released the Balance of Payments (BoP) data for Q1 of 2009-10 (i.e., April-June) on its website (www.rbi.org.in). On the basis of these data, this note on sources of variation in foreign exchange reserves during April-June 2009 has been compiled.
The foreign exchange reserves (including the valuation effects) increased by US$ 13,157 million during April-June 2009 as compared with an increase of US$ 2,364 million during April-June 2008 (Table 2). On balance of payments basis (i.e., excluding valuation effects), the foreign exchange reserves increased by US$ 115 million during April-June 2009 as compared with an increase of US$ 2,235 million during April-June 2008. The valuation gain, reflecting the depreciation of the US dollar against the major currencies, accounted for US$ 13,042 million during April-June 2009 as compared with a valuation gain of US$ 129 million during April-June 2008. Accordingly, valuation gain during April-June 2009 accounts for 99.1 per cent of the total increase in foreign exchange reserves. Inflows under FDI, portfolio investments and NRI deposits were the major sources contributing to the increase in foreign exchange reserves, which was mostly offset by current account deficit and outflows under other items of the capital account during April-June 2009. Ajit Prasad Press Release: 2009-2010/510 |