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.
