(MENAFN- IANS) New Delhi, March 31 (IANS) Overseas assets of Indians during the third quarter of 2022-23 rose, mainly due to an increase of $30 billion in reserve assets, which had earlier declined by $56.5 billion in the second quarter of the current fiscal.
Reserve assets accounted for 64.3 per cent of India's international financial assets during the third quarter of 2022-23.
According to India's international investment position for the October-December period of the current fiscal, released by the Reserve Bank of India (RBI) on Friday, net claims of non-residents in India declined by $12 billion during October-December 2022 and stood at $374.5 billion.
The reduction in net claims was due to higher rise in Indian residents' overseas financial assets ($28.7 billion) as compared with the increase in foreign liabilities of Indians ($16.7 billion).
Trade credits and loans were primary contributors to the rise in India's foreign liabilities, the data stated.
Also, variation in the exchange rate of rupee vis-a-vis other currencies, impacted the change in liabilities, when valued in the US dollar terms, as the rupee depreciated by 1.49 per cent during the quarter.
--IANS
ans/pgh
MENAFN01042023000231011071ID1105925028
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.