Accretion to the country's foreign exchange reserves showed a lower growth of $6.6 billion in the first half (H1) ended September 2004, against a rise of $16.2 billion in April-September 2003. | |
| The current account balance showed net outgo (deficit) at $3.3 billion (net surplus of $2.2 billion in H1 of 2003-04). The valuation loss in reserves stood at $0.2 billion as against a benefit of $2.1 billion in the same period last fiscal, according to data released by the Reserve Bank of India here today. |
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| The capital account (net) comprising foreign investment, banking capital, short term credit, external commercial borrowings and other items recorded a rise of $10.1 billion ($11.9 billion in H1 FY-04), it said. |
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| The major sources of accretion to the reserves during April-September 2004 were foreign investment (39.4 per cent), external commercial borrowings (31.8 per cent) and short-term credit (30.3 per cent), it added. |
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| Foreign investment inflows showed a lower growth of $2.6 bn ($5.1 bn). The net inflows under banking capital were down by $0.3 bn ($2.2 bn), while non-resident Indian deposits saw outflow of $1.3 bn (inflow of $2.2 bn). |
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| Short term credit remained at $2 billion ($2 billion) and other items in capital account at $2.7 billion ($2.6 billion) were also sources of accretion. |
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| External commercial borrowings grew by $2.1 bn ($0.2 bn), the RBI added. |
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| The country's foreign exchange reserves as on December 17 stood at $130.62 bn. |
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