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.
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. bit.ly/2dgzuPJ
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