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Foreign Exchange Reserves increased by 15.5 billion US dollar in 2014: RBI

Foreign exchange reserves increased by 15.5 billion US dollar in the financial year ended March 2014.

May 27, 2014 14:30 IST
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Foreign exchange reserves increased by USD 15.5 billion in the financial year ended March 2014. This was revealed by Reserve Bank of India (RBI) data on the sources of variation in foreign exchange reserves during 2013-14 released on 26 May 2014.

As per the release, the foreign exchange reserves stood at 303.67 billion US dollar in the financial year ended on March 2014.

The foreign exchange reserves on nominal terms, increased by 12.2 billion US dollar in 2014 as against a decline of 2.4 billion US dollar in the same period of the 2013.  

The valuation loss, reflecting the cross currency movements and the decline in gold prices, amounted to 3.3 billion US dollar in 2014 as compared to a valuation loss of 6.2 billion US dollar in 2013.

The current account balance in the reporting fiscal moderated to 32.4 billion US dollar compared to 88.2 billion US dollar in 2013.

However, capital account balance halved to 47.9 billion US dollar in 2014 from 92 billion US dollar in 2013, mainly on account of drastic drop in portfolio investment.

During the year in 2014, portfolio investment dropped to 4.8 billion US dollar as against 26.9 billion US dollar in 2013.

In terms of total foreign investments, foreign direct investment marginally increased by 21.6 billion US dollar in 2014 as against 19.8 billion US dollar in the 2013.

Investment from foreign institutional investors (FII) dropped to 5 billion US dollar as compared to 27.6 billion US dollar in 2012-13.

In terms of banking capital, NRI deposits more than doubled to 38.9 billion US dollar from 14.8 billion US dollar in the 2013.

During 2014, external commercial borrowings increased to 11.8 billion US dollar compared with 8.5 billion US dollar.

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