Today, the Reserve Bank of India released the balance of payments (BoP) data for the second quarter (Q2), i.e., July-September of 2024-25 on its website (www.rbi.org.in). On the basis of these data, the sources of variation in foreign exchange reserves during April-September 2024 are detailed below in Table 1

Preliminary data on India’s balance of payments (BoP) for the second quarter (Q2), i.e., July-September 2024-25, are presented in Statements I and II. Key Features of India’s BoP in Q2:2024-25 • India’s current account deficit (CAD) moderated marginally to US$ 11.2 billion (1.2 per cent of GDP) in Q2:2024-25 from US$ 11.3 billion (1.3 per cent of GDP) in Q2:2023-24.

Auction Results New GS 2031 6.92% GS 2039 7.09% GS 2054 I. Notified Amount ₹10,000 crore ₹12,000 crore ₹10,000 crore II. Underwriting Notified Amount ₹10,000 crore ₹12,000 crore ₹10,000 crore III. Competitive Bids Received

New GS 2031 6.92% GS 2039 7.09% GS 2054 I. Notified Amount ₹10,000 crore ₹12,000 crore ₹10,000 crore II. Cut off Price (₹) / Implicit Yield at cut-off 6.79% 100.09/6.9091% 100.31/7.0641% III. Amount accepted in the auction ₹10,000 crore ₹12,000 crore ₹10,000 crore IV. Devolvement on Primary Dealers NIL NIL NIL

Tenor 4-day Notified Amount (in ₹ crore) 1,25,000 Total amount of bids received (in ₹ crore) 85,247 Amount allotted (in ₹ crore) 85,247 Cut off Rate (%) 6.51 Weighted Average Rate (%) 6.53 Partial Allotment Percentage of bids received at cut off rate (%) NA

On a review of current and evolving liquidity conditions, it has been decided to conduct a second Variable Rate Repo (VRR) auction on December 27, 2024, Friday, as under: Sl. No. Notified Amount (₹ crore) Tenor (day) Window Timing Date of Reversal 1 1,25,000 4 12:00 Noon to 12:30 PM December 31, 2024 (Tuesday)

(Amount in ₹ crore) SCHEDULED COMMERCIAL BANKS (Including RRBs, SFBs and PBs) ALL SCHEDULED BANKS 15-Dec-2023 29-Nov-2024* 13-Dec-2024* 15-Dec-2023 29-Nov-2024* 13-Dec-2024* I LIABILITIES TO THE BKG.SYSTEM (A) a) Demand & Time deposits from banks 276840.69 273721.88 310793.89 280287.73 278500.30 315564.52** b) Borrowings from banks 192669.26 137597.04 131991.65 192698.15 137620.00 132026.65 c) Other demand & time liabilities 70471.58 24717.72 24455.24 71176.89 25053.36 24757.03

Tenor 14-day Notified Amount (in ₹ crore) 1,50,000 Total amount of bids received (in ₹ crore) 1,28,323 Amount allotted (in ₹ crore) 1,28,323 Cut off Rate (%) 6.51 Weighted Average Rate (%) 6.53 Partial Allotment Percentage of bids received at cut off rate (%) NA

In the underwriting auction conducted on December 27, 2024, for Additional Competitive Underwriting (ACU) of the undernoted Government securities, the Reserve Bank of India has set the cut-off rates for underwriting commission payable to Primary Dealers as given below: Nomenclature of the Security Notified Amount (₹ crore) Minimum Underwriting Commitment (MUC) Amount (₹ crore) Additional Competitive Underwriting Amount Accepted (₹ crore) Total Amount underwritten (₹ crore) ACU Commission Cut-off rate (paise per ₹100) New GS 2031 10,000 5,019 4,981 10,000 0.15 6.92% GS 2039 12,000 6,006 5,994 12,000 0.22 7.09% GS 2054 10,000 5,019 4,981 10,000 0.25

(Amount in ₹ Crore, Rate in Per cent) MONEY MARKETS@ Volume (One Leg) Weighted Average Rate Range A. Overnight Segment (I+II+III+IV) 5,81,171.33 6.47 5.00-6.88 I. Call Money 10,906.12 6.67 5.10-6.85 II. Triparty Repo 4,38,649.20 6.44 6.22-6.62 III. Market Repo 1,29,032.31 6.55 5.00-6.88 IV. Repo in Corporate Bond 2,583.70 6.76 6.75-6.85