India’s international financial assets declined by $56.5 billion during July-September 2022 with valuation losses accounting for a major part. Reserve assets remained the dominant component (62.9% share) of India’s international financial assets. The net claims of non-residents on India increased by $34.3 billion during Q2 of FY23 and stood at $389.6 billion in September.
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Debt and non-debt liabilities continued to have equal share in total external liabilities. The ratio of international assets to international liabilities moderated to 68.5% in September from 71.5% a quarter ago.
The External Foreign Assets determine the value of a nation’s currency greatly. When the currency appreciates, the value of foreign assets decreases. When the currency depreciates, the value of foreign assets increases. Therefore, if a country is net debtor, currency depreciation will raise its burden of foreign currency debt.
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