Forex reserves on BoP basis jump by $11.4 billion in Q1

Mumbai: The forex reserves on the balance of payment basis rose by USD 11.4 billion in the April-June quarter of fiscal 2018, compared to USD 7 billion in the year-ago quarter, according to the RBI data.

On nominal terms, the foreign exchange reserves increased by USD 16.6 billion during the first quarter against increase of USD 3.3 billion during the same period last year.

There was a decline in capital account balance by USD 14.3 billion against the fall of USD 0.4 billion year ago.

Capital account increased by USD 25.7 billion in the first quarter compared to USD 7.4 billion.

Foreign direct investment surged by USD 7.2 billion in the reporting period from USD 3.9 billion in the same period last year, RBI data showed.

Foreign institutional investment flows increased by USD 11.9 billion in the first quarter from USD 1.2 billion in the same period last year.

External commercial borrowing declined by USD 0.3 billion in the quarter from USD 2 billion in the same period last year, the data showed.