Forex reserves up by USD 24.34 bn to USD 424.55 bn in H2 FY18

India's foreign exchange reserves increased by USD 24.34 billion to USD 424.55 billion as of end March 2018 from USD 400.21 billion as of end September 2017, Reserve Bank said.

During September 2017 and March 2018, reserves decreased to USD 399.23 billion as of end October 2017, increased to USD 401.94 billion as at end November 2017, USD 409.07 billion as of end December 2017, USD 422.37 billion as of end January 2018 and USD 420.96 billion as of end February 2018.

"At the end of December 2017, the import cover decreased to 10.8 months from 11.3 months at end March 2017," RBI said in its half yearly report on management of foreign exchange reserves released today.

The foreign exchange reserves, when reckoned on balance of payment (BoP) basis (excluding valuation effects), increased by USD 30.3 billion during April-December 2017 as compared with an increase of USD 14.2 billion during April-December 2016.

The foreign exchange reserves in nominal terms (including valuation effects) increased by USD 39.1 billion during April-December 2017 as against the depletion of USD 1.3 billion during the same period of the preceding year.

The ratio of short-term debt to foreign exchange reserves, which was 23.8 per cent at end March 2017, remained at the same level at end December 2017, the report said.

RBI holds 560.32 tonnes of gold, of which 268.01 tonnes are held overseas in safe custody with the Bank of England and the Bank for International Settlements (BIS).

Gold as a share of the total foreign exchange reserves in value terms (USD) stood at about 5 per cent as of end March 2018.

Indias net International Investment Position (IIP), as of end December 2017 was negative at USD 429.7 billion, implying that the sum of all external liabilities is more than that of the external assets.

IIP is a summary record of the stock of the countrys external financial assets and liabilities.