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Forex reserves on BoP basis jump by USD 21.6 bn in FY17: RBI

Mumbai: The forex reserves on the balance of payment basis increased by USD 21.6 billion in fiscal 2017 compared to USD 17.9 billion in fiscal 2016, according to the RBI data released today.

On nominal terms, the forex reserves surged by USD 9.8 billion, which was much lower than USD 18.5 billion jump in financial year 2016. In FY17, fall in current account balance was to the tune of USD 15.3 billion as against a decline of USD 22.2 billion in fiscal 2016.

Capital account increased by USD 36.8 billion compared, lower than the increase of USD 40.1 billion in FY16. Foreign direct investment rose by USD 35.6 billion
compared to an increase of USD 36 billion in FY16. Foreign institutional investment inflows increased by USD 7.8 billion as against an outflow of USD 4 billion in fiscal 2016.

External commercial borrowings decreased by USD 6.1 billion in the reporting year compared to a decrease of USD 4.5 billion in fiscal 2016.

PTI