NEW DELHI: India’s foreign exchange reserve increased by 3 per cent during the second half of financial year ended March 31. The reserve jumped to $412.87 billion as of March 31 against $400.53 billion at the end of September 30.
The Reserve Bank of India shared the figures in half-yearly report on the management of foreign exchange reserves as part of its efforts towards enhanced transparency and levels of disclosure.
At the end of December 31, the foreign exchange reserves cover of imports stood at 9.1 months compared with 9.5 months at the end of September.
The ratio of short-term debt (original maturity) to reserves increased to 26.40 per cent at the end of December 2018 from 26.10 per cent on September 30, 2018.
The ratio of volatile capital flows (include cumulative portfolio inflows and outstanding short-term debt) to reserves increased to 88.70 per cent from 88.40 per cent during the same period.
As of March end, the apex Bank held 612.56 tonnes of gold with 320.26 tonnes being held overseas in safe custody with the Bank of England and the Bank for International Settlements, while the remaining is held domestically.
In dollar terms, the share of gold in the total foreign exchange reserve increased marginally to 5.59 per cent from 5.08 per cent as of September 30.
The Reserve Bank of India has the mandate to invest up to $5 billion in the bonds issued by the India Infrastructure Finance Company (UK). As at end-March 2019 the amount invested in such bonds stood at $1.86 billion.