India raises exposure to US govt securities at $70.1 bn in May
Washington: India held American government securities worth USD 70.1 billion in May, increasing its exposure to one of the highest levels so far this year.
This is the second time in more than one year that India's holding has crossed the USD 70 billion mark after March 2014 when the exposure stood at USD 70.2 billion.
All BRICS nations, excluding Russia, increased their holdings of US Treasury securities in May. China remained the biggest holder of these bills with exposure worth USD 1.271 trillion during that month.
Latest data from the US Treasury Department show that India's exposure to American government securities stood at USD 70.1 billion in May, higher than USD 68.7 billion seen in April.
The month of May also saw the new Indian government, headed by Prime Minister Narendra Modi, taking charge after a landslide victory in the general elections.
In March, India held US securities to the tune of USD 70.2 billion, more than USD 67 billion exposure recorded in February while holdings had touched USD 68.1 billion in January.
Brazil, Russia, India, China and South Africa make up the five-nation BRICS grouping.
In May, Brazil held US government securities worth USD 250.1 billion while that of Russia and South Africa stood at USD 111.4 billion and USD 15.4 billion, respectively.
"Foreign residents increased their holdings of long-term US securities in May; net purchases were USD 34.6 billion. Net purchases by private foreign investors were USD 10.2 billion, while net purchases by foreign official institutions were USD 24.4 billion," the Treasury Department said in a statement this week.