Foreign exchange reserves for June quarter rise $34.1 billion: RBI data

RBI data on Thursday showed that India’s foreign exchange reserves in nominal terms increased by $34.1 billion during the quarter ending June as against $27.9 billion in the year ago period. The reserves also include valuation effects. In the April-June period of 2021, the valuation gain which reflects the depreciation of the US dollar against major currencies and rise in gold prices amounted to $2.2 billion. The same was at $8 billion in the same period a year ago.

Current account surplus at $6.5 billion

The Reserve Bank of India (RBI) on Wednesday released Sources of Variation in Foreign Exchange Reserves in India during April-June 2021.

Excluding valuation effects, foreign exchanges increased by $31.9 billion in the June quarter as compared to the corresponding period a year ago, on a balance of payments basis.

In the first quarter of FY22, the current account balance posted a $6.5 billion as surplus, against a $19.1 billion surplus in the year ago quarter.

The data further highlighted that the capital account surplus was at $25.4 billion in April to June period as compared to a surplus of $0.8 billion in the same quarter of FY21.