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Indians’ overseas financial assets fell $43.9 bn in July-Sep: RBI report

At the same time, an increase was seen in trade credit, currency and deposits as well as overseas direct investment, the report said.

New Delhi: Indian residents’ overseas financial assets saw a fall by $43.9 billion during July-September 2022 period, owing mainly due to reduction in reserves assets, according to RBI’s report on India’s international investment position (IIP) for September 2022, released on Friday.

The reduction in non-residents’ financial assets in India though was relatively lesser at $9.6 billion.

At the same time, an increase was seen in trade credit, currency and deposits as well as overseas direct investment, the report said.

According to the report, net claims of non-residents on India rose by $34.3 billion during the second quarter of 2022-23 and stood at $389.6 billion in September 2022.

The fall in India’s foreign liabilities during the second quarter of the current fiscal was mainly due to direct investment (net) outflows.

In addition to this, the report noted that variations in the exchange rate of rupee in comparison to other currencies also impacted the change in liabilities, when valued in dollar terms.

Source
IANS

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