India’s Forex reserves up by $ 15.5 billion in FY’14: RBI
As per RBI, India’s foreign exchange (Forex) reserves jumped by $15.5 billion in the Financial Year (FY) ended March 2014. The reserves stood at $303.67 billion.
As per data released by the RBI on India’s Forex status:
- On Balance of Payments (BoP) basis (excluding valuation effects), the forex reserves surged by $15.5 billion during FY14 as compared to an increase of $3.8 billion during FY13.
- If the valuation effects are included, the reserves rose by $12.2 billion in FY14 as against a decrease of $2.4 billion in the same period of the FY13.
- The valuation loss, showing the cross currency movements and the reduction in gold prices, amounted to $3.3 billion in FY14 as compared to a valuation loss of $6.2 billion in FY13.
- The current account balance in the FY 14 reduced to $32.4 billion compared to $ 88.2 billion last fiscal.
- Capital account balance decreased by half to $47.9 billion in FY14 from $92 billion in FY13, mainly due to sharp drop in portfolio investment.
- During FY14 portfolio investment dropped to $4.8 billion as compared to $26.9 billion in FY13.
- Foreign Direct Investment (FDI) increased slightly by $21.6 billion in FY14 as compared to $19.8 billion in the FY13.
- Foreign Institutional Investors (FII) investment declined to $5 billion as compared to $27.6 billion in 2012-13.
- NRI deposits more than doubled to $38.9 billion as against $14.8 billion in the FY 13.
- In FY14 External Commercial Borrowings jumped to $11.8 billion compared with 8.5 billion in FY13.