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India trims exposure to US govt securities at $57 billion

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Washington: India trimmed its exposure to US government securities to USD 57 billion in August, the lowest in four months, amid persistent uncertainties in the world's largest economy.

The country has reduced its holding of American treasury bills by as much as USD 1.9 billion compared to July when it stood at USD 58.9 billion. India has been cutting down its exposure to American government securities since May when it was worth USD 59.9 billion, according to latest data from the Treasury Department.

 

In April, the holdings were worth about USD 55.8 billion. In May and June, the exposure stood at USD 59.9 billion and USD 61.2 billion, respectively.

Meanwhile, China remains the biggest holder of American securities with holdings worth USD 1.268 trillion in August, a tad lower than USD 1.279 trillion at the end of July. Japan has the second largest exposure at USD 1.149 trillion.

Among the BRICS nations -- Brazil, Russia, India, China and South Africa -- India has the second lowest holding of American government securities. In this grouping, Brazil's holding was at USD 252.9 billion followed by Russia at USD 136 billion in August.

Only South Africa's exposure -- at USD 13.2 billion in August -- was lower than that of India. The US economy had been grappling with concerns about shutdown and possible debt default in the wake of political impasse, which was resolved earlier this month.

PTI

Story first published: Wednesday, October 23, 2013, 14:42 [IST]
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