STOCK MARKET BSE NSE

India's external debt rises to over $557 billion for June quarter

RBI attributes the rise to valuation losses that resulted from the depreciation of the US dollar against Indian rupee and other major currencies.

Published: 01st October 2019 12:01 AM  |   Last Updated: 01st October 2019 12:01 AM   |  A+A-

Cash, currency, rupees

Image for representational purpose only.

By IANS

MUMBAI: India's external debt for the quarter-ended June 2019 rose to $557.4 billion, from $543.3 billion during the previous quarter and $513.1 billion in the year-ago period.

According to the Reserve Bank of India's external debt statistics released with a lag of one quarter, the country's debt witnessed an increase of 2.6 per cent over its level at end-March 2019, primarily on account of an increase in commercial borrowings, non-resident deposits and short-term trade credit.

"The increase in external debt was also contributed by valuation losses resulting from the depreciation of the US dollar against Indian rupee and other major currencies," the RBI said in a statement.

"The external debt to GDP ratio remained at 19.8 per cent at end-June 2019, the same as its level at end-March 2019."

As per the data, valuation losses due to the depreciation of the US dollar vis-a-vis Indian rupee and other major currencies were placed at $1.7 billion.

Besides, commercial borrowings remained the largest component of external debt, with a share of 38.4 per cent, followed by non-resident deposits (24 per cent) and short-term trade credit (18.7 per cent).



Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp