Net claims of non-residents on India rise to $379.7 billion in June quarter: RBI

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MUMBAI: Net claims of non-residents on India increased $12.1 billion to $379.7 billion in the June quarter on account of higher rise in foreign-owned financial assets, according to RBI data released on Thursday.
Increase in reserve assets, at $16.6 billion, was the largest contributor to the rise in Indian residents’ foreign assets during the April-June period, followed by direct investment, loans and trade credit, as per the data on India’s international investment position’ for June-end.
“The rise in net claims of non-residents during the quarter was on account of higher rise in foreign-owned financial assets in India ($36.2 billion) when compared with Indian residents’ overseas financial assets ($24.1 billion),” the Reserve Bank of India (RBI) said.
“Inward portfolio investment ($15 billion) and foreign direct investment ($8.9 billion) together accounted for two-thirds of the rise in foreign liabilities of Indian residents,” it added.
As per the data, reserve assets accounted for 64.2 per cent of India’s international financial assets at the end of the June quarter.
Variation in the exchange rate of rupee vis-a-vis other currencies impacted the change in liabilities, when valued in the US dollar terms, the RBI data said.
The RBI further said the ratio of India’s international assets to international liabilities moderated to 70.9 per cent in June from 71.1 per cent a quarter earlier and 71.5 per cent a year ago.
Debt and non-debt liabilities accounted for nearly equal share in total external liabilities during the quarter.

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