The Hindu Business Line : Dollar debt stock declines to 43.5 pc

INDIA'S external debt in US dollars would have increased by less than $100 million if the US dollar had not appreciated against other currencies during the quarter ended September 2004, according to the Finance Ministry.

In its report on the country's external debt for the quarter ended September 2004, the Finance Ministry has held that the impact of valuation effects, measured in US dollars, on India's total external debt due to variation in exchange rate of the US dollar against other major international currencies was not significant during July-September 2004.

The US dollar continues to be the major currency in India's external debt basket. The share of US dollar in the debt stock of the country, however, gradually declined from 54.3 per cent at end-March 2002 to 43.5 per cent at end-September 2004.

While the share of euro in the debt stock stood at 5.6 per cent at end-September 2004, the share of Japanese yen in the debt stock has declined from 13.8 per cent in March 2004 to 10.9 per cent at end-September 2004.

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