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India's end-June external debt at $479.7 billion - RBI
September 30, 2016 / 12:57 PM / a year ago

India's end-June external debt at $479.7 billion - RBI

MUMBAI (Reuters) - India’s end-June external debt was at $479.7 billion, down $5.4 billion from end-March, largely driven by lower offshore borrowings by companies, the Reserve Bank of India (RBI) said on Friday.

A money lender counts Indian rupee currency notes at his shop in Ahmedabad, India, May 6, 2015. REUTERS/Amit Dave/File Photo

The decline in external debt was partly offset by valuation gains of $1.4 billion, due to appreciation of the dollar against the Indian rupee and other major currencies. Excluding the valuation effect, the decline in external debt would have been $4.0 billion, the RBI said in a statement.

On a residual maturity basis, short-term debt constituted 42.4 percent of total external debt at end-June, compared with 42.6 percent at end-March.

The share of short-term debt residual maturity to India’s forex reserves was 55.9 percent at end-June compared with 57.4 percent at end-March.

Reporting by Suvashree Dey Choudhury; Editing by Amrutha Gayathri

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