India's foreign exchange reserves increased by $51.4 billion during April-September 2020 as compared with $19.1 billion during April-September 2019, Reserve Bank of India's balance of payments (BoP) data shows.
Apart from this, the foreign exchange reserves in nominal terms rose by $66.9 billion during April-September 2020 as compared with $20.8 billion recorded during the same period in 2019.
India’s current account balance surplus rises to $19.8 billion on lower trade deficit: RBI
The central bank on December 30 released the BoP for July-September 2020, based on which the sources of variation in foreign exchange reserves during April-September 2020 are measured.
According to the data, the change in valuation effects in reserves for April-September 2020-21 stood at $15.5 billion as compared with $1.7 billion recorded during the same period in 2019.
The current account balance for April-September 2020-21 stood at $34.7 billion, against a deficit of $22.6 billion in the corresponding period of 2019.
The foreign direct investment (FDI) also rose by $2.5 billion to touch $23.8 billion in April-September 2020-21 against the same period in 2019-20. The central bank also mentioned that the portfolio investment stood at $7.6 billion in H1 of FY 2020-21, of which Foreign Institutional Investment rose by $1.6 billion.
Earlier in September, the RBI has stated that India's current account balance recorded a surplus of $19.8 billion in the June quarter of FY21, up from the surplus of $0.6 billion in the preceding quarter.