Category: Press Releases

The following State Governments have offered to sell securities by way of auction, for an aggregate amount of ₹22,754 Cr. (Face Value).

Sr. No.	State/UT	Amount to be raised (₹ Cr)	Additional Borrowing (Greenshoe) Option (₹ Cr)	Tenure (Yrs)	Type of Auction
1	Andhra Pradesh	1000	–	13	Yield
		1000	–	18	Yield
2	Assam	600	–	10	Yield
3	Bihar	2000	–	9	Yield
4	Chhattisgarh	1000	–	7	Yield
5	Goa	100	–	10	Yield
6	Gujarat	1000	500	10	Yield
7	Jharkhand	1000	–	12	Yield
8	Karnataka	1000	–	10	Yield
		1000	–	11	Yield
9	Kerala	2000	–	15	Yield
10	Meghalaya	100	–	Re-issue of 6.82% Meghalaya SDL 2031 Issued on April 16, 2021	Price
		100	–	Re-issue of 7.02% Meghalaya SDL 2041 Issued on September 08, 2021	Price
11	Mizoram	104	–	13	Yield
12	Punjab	750	–	Re-issue of 6.84 % Punjab SDL 2031 Issued on September 29, 2021	Price
		500	–	Re-issue of 6.98 % Punjab SDL 2033 Issued on September 29, 2021	Price
13	Rajasthan	1000	–	5	Yield
		1000	–	10	Yield
14	Tamil Nadu	1000	–	10	Yield
15	Telangana	1500	–	19	Yield
16	Uttar Pradesh	2500	–	10	Yield
17	West Bengal	2500	–	15	Yield
	TOTAL	22754

The auction will be conducted on the Reserve Bank of India Core Banking Solution (E-Kuber) system on October 05, 2021 (Tuesday). The Government Stock up to 10% of the notified amount of the sale of each stock will be allotted to eligible individuals and institutions subject to a maximum limit of 1% of its notified amount for a single bid per stock as per the Scheme for Non-competitive Bidding Facility.

Both competitive and non-competitive bids for the auction should be submitted in electronic format on the Reserve Bank of India Core Banking Solution (E-Kuber) system on October 05, 2021 (Tuesday). The non-competitive bids should be submitted between 10.30 A.M. and 11.00 A.M. and the competitive bids should be submitted between 10.30 A.M. and 11.30 A.M.

In case of technical difficulties, Core Banking Operations Team (email; Phone no: 022-27595666, 022-27595415, 022-27523516) may be contacted.

For other auction related difficulties, IDMD auction team can be contacted (email; Phone no: 022-22702431, 022-22705125).

Only in the event of system failure, physical bids would be accepted. Such physical bids should be submitted to the Public Debt Office (email; Phone no: 022-22632527, 022-22701299) in the prescribed form obtainable from RBI website (https://www.rbi.org.in/Scripts/BS_ViewForms.aspx) before the auction timing ends.

The yield percent per annum expected by the bidder should be expressed up to two decimal points. An investor can submit more than one competitive bid at same/different rates of yield or prices in electronic format on the Reserve Bank of India Core Banking Solution (E-Kuber) system. However, the aggregate amount of bids submitted by a bidder should not exceed the notified amount for each State.

The Reserve Bank of India will determine the maximum yield /minimum price at which bids will be accepted. Securities will be issued for a minimum nominal amount of ₹10,000.00 and multiples of ₹10,000.00 thereafter.

The results of the auction will be announced on October 05, 2021 (Tuesday) and payment by successful bidders will be made during banking hours on October 06, 2021 (Wednesday) at Mumbai and at respective Regional Offices of RBI.

The State Government Stocks will bear interest at the rates determined by RBI at the auctions. For the new securities, interest will be paid half yearly on April 06 and October 06 of each year till maturity. The Stocks will be governed by the provisions of the Government Securities Act, 2006 and Government Securities Regulations, 2007.

The investment in State Government Stocks will be reckoned as an eligible investment in Government Securities by banks for the purpose of Statutory Liquidity Ratio (SLR) under Section 24 of the Banking Regulation Act, 1949. The stocks will qualify for the ready forward facility.

Ajit Prasad
Director   

Press Release: 2021-2022/973

Auction Results New GOI FRB 2028 6.10% GS 2031 6.76% GS 2061 I. Notified Amount ₹4000 Crore ₹13000 Crore ₹7000 Crore II. Underwriting Notified Amount ₹4000 Crore ₹13000 Crore ₹7000 Crore III. Competitive Bids Received       (i) Number 115 208 126 (ii) Amount ₹21293 Crore ₹33548.812 Crore ₹18118 Crore IV. Cut-off price / Yield   99.03 96.93 4.0400% (YTM: 6.2324%) (YTM: 6.9892%) V. Competitive Bids Accepted       (i) Number 25 59 37 (ii) Amount ₹3999.950 Crore ₹12995.323 Crore ₹6985.484 Crore VI. Partial Allotment Percentage of Competitive Bids 53.79% 94.21% 99.40% (3 Bids) (10 Bids) (6 Bids) VII. Weighted Average Price/Yield 100 99.03 97.04 (WAY: 4.0400%) (WAY: 6.2324%) (WAY: 6.9807%) VIII. Non-Competitive Bids Received       (i) Number 2 4 5 (ii) Amount ₹0.050 Crore ₹4.677 Crore ₹14.516 Crore IX. Non-Competitive Bids Accepted       (i) Number 2 4 5 (ii) Amount ₹0.050 Crore ₹4.677 Crore ₹14.516 Crore (iii) Partial Allotment Percentage 100% (0 Bids) 100% (0 Bids) 100% (0 Bids) X. Amount of Underwriting accepted from primary dealers ₹4000 Crore ₹13000 Crore ₹7000 Crore XI. Devolvement on Primary Dealers 0 0 0 Ajit Prasad Director    Press Release: 2021-2022/972

NEW GOI FRB 2028 6.10% GS 2031 6.76% GS 2061 I. Notified Amount ₹4,000 cr ₹13,000 cr ₹7,000 cr II. Cut off Price / Implicit Yield at cut-off 4.0400% 99.03/6.2324% 96.93/6.9892% III. Amount accepted in the auction ₹4,000 cr ₹13,000 cr ₹7,000 cr IV. Devolvement on Primary Dealers Nil Nil Nil Ajit Prasad Director    Press Release: 2021-2022/971

In the underwriting auctions conducted on October 01, 2021 for Additional Competitive Underwriting (ACU) of the undernoted Government securities, the Reserve Bank of India has set the cut-off rates for underwriting commission payable to Primary Dealers as given below: (₹ crore) Nomenclature of the Security Notified Amount Minimum Underwriting Commitment (MUC) Amount Additional Competitive Underwriting Amount Accepted Total Amount underwritten ACU Commission Cut-off rate (paise per ₹ 100) New GOI FRB 2028 4,000 2,016 1,984 4,000 0.20 6.10% GS 2031 13,000 6,510 6,490 13,000 1.44 6.76% GS 2061 7,000 3,507 3,493 7,000 1.35 Auction for the sale of securities will be held on October 01, 2021. Ajit Prasad Director    Press Release: 2021-2022/970

(Amount in ₹ crore, Rate in Per cent)   Volume (One Leg) Weighted Average Rate Range A. Overnight Segment (I+II+III+IV) 4,55,112.80 3.31 0.01-3.60      I. Call Money 10,424.61 3.37 1.95-3.55      II. Triparty Repo 3,58,355.40 3.31 3.00-3.45      III. Market Repo 86,332.79 3.31 0.01-3.60      IV. Repo in Corporate Bond 0.00   – B. Term Segment            I. Notice Money** 340.37 3.15 2.75-3.25      II. Term Money@@ 61.00 – 3.10-3.40      III. Triparty Repo 55.00 3.20 3.20-3.20      IV. Market Repo 170.00 3.15 3.15-3.15      V. Repo in Corporate Bond 100.00 5.45 5.35-5.50

Auction Date Tenor (Days) Maturity Date Amount Current Rate / Cut off Rate C. Liquidity Adjustment Facility (LAF) & Marginal Standing Facility (MSF) I. Today’s Operations 1. Fixed Rate                (i) Repo               (ii) Reverse Repo Thu, 30/09/2021 1 Fri, 01/10/2021 3,63,114.00 3.35     (iii) Special Reverse Repo~               (iv) Special Reverse Repoψ           2. Variable Rate&             (I) Main Operation                (a) Reverse Repo             (II) Fine Tuning Operations                (a) Repo                (b) Reverse Repo           3. MSF Thu, 30/09/2021 1 Fri, 01/10/2021 217.00 4.25 4. Special Long-Term Repo Operations (SLTRO) for Small Finance Banks (SFBs)£           5. Net liquidity injected from today’s operations [injection (+)/absorption (-)]*       -3,62,897.00   II. Outstanding Operations 1. Fixed Rate               (i) Repo               (ii) Reverse Repo               (iii) Special Reverse Repo~ Fri, 24/09/2021 14 Fri, 08/10/2021 6,999.00 3.75     (iv) Special Reverse Repoψ Fri, 24/09/2021 14 Fri, 08/10/2021 2,712.00 3.75 2. Variable Rate&             (I) Main Operation                (a) Reverse Repo Fri, 24/09/2021 14 Fri, 08/10/2021 3,44,515.00 3.60   (II) Fine Tuning Operations                (a) Repo                (b) Reverse Repo Tue, 28/09/2021 7 Tue, 05/10/2021 1,97,123.00 3.99 3. MSF           4. Long-Term Repo Operations# Mon, 17/02/2020 1095 Thu, 16/02/2023 499.00 5.15   Mon, 02/03/2020 1094 Wed, 01/03/2023 253.00 5.15   Mon, 09/03/2020 1093 Tue, 07/03/2023 484.00 5.15   Wed, 18/03/2020 1094 Fri, 17/03/2023 294.00 5.15 5. Targeted Long Term Repo Operations^ Fri, 27/03/2020 1092 Fri, 24/03/2023 12,236.00 4.40   Fri, 03/04/2020 1095 Mon, 03/04/2023 16,925.00 4.40   Thu, 09/04/2020 1093 Fri, 07/04/2023 18,042.00 4.40   Fri, 17/04/2020 1091 Thu, 13/04/2023 20,399.00 4.40 6. Targeted Long Term Repo Operations 2.0^ Thu, 23/04/2020 1093 Fri, 21/04/2023 7,950.00 4.40 7. On Tap Targeted Long Term Repo Operations€ Mon, 22/03/2021 1095 Thu, 21/03/2024 5,000.00 4.00   Mon, 14/06/2021 1096 Fri, 14/06/2024 320.00 4.00   Mon, 30/08/2021 1095 Thu, 29/08/2024 50.00 4.00   Mon, 13/09/2021 1095 Thu, 12/09/2024 200.00 4.00   Mon, 27/09/2021 1095 Thu, 26/09/2024 600.00 4.00 8. Special Long-Term Repo Operations (SLTRO) for Small Finance Banks (SFBs)£ Mon, 17/05/2021 1095 Thu, 16/05/2024 400.00 4.00 Tue, 15/06/2021 1095 Fri, 14/06/2024 490.00 4.00 Thu, 15/07/2021 1093 Fri, 12/07/2024 750.00 4.00 Tue, 17/08/2021 1095 Fri, 16/08/2024 250.00 4.00 Wed, 15/09/2021 1094 Fri, 13/09/2024 150.00 4.00 D. Standing Liquidity Facility (SLF) Availed from RBI$       25,895.80   E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*     -4,40,161.20   F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*     -8,03,058.20   G. Cash Reserves Position of Scheduled Commercial Banks      (i) Cash balances with RBI as on 30/09/2021 6,39,021.38        (ii) Average daily cash reserve requirement for the fortnight ending 08/10/2021 6,30,489.00   H. Government of India Surplus Cash Balance Reckoned for Auction as on¥ 30/09/2021 0.00   I. Net durable liquidity [surplus (+)/deficit (-)] as on 10/09/2021 11,83,556.00   @ Based on Reserve Bank of India (RBI) / Clearing Corporation of India Limited (CCIL). – Not Applicable / No Transaction. ** Relates to uncollateralized transactions of 2 to 14 days tenor. @@ Relates to uncollateralized transactions of 15 days to one year tenor. $ Includes refinance facilities extended by RBI. & As per the Press Release No. 2019-2020/1900 dated February 06, 2020. * Net liquidity is calculated as Repo+MSF+SLF-Reverse Repo. # As per the Press Release No. 2020-2021/287 dated September 04, 2020. ^ As per the Press Release No. 2020-2021/605 dated November 06, 2020. € As per the Press Release No. 2020-2021/520 dated October 21, 2020, Press Release No. 2020-2021/763 dated December 11, 2020, Press Release No. 2020-2021/1057 dated February 05, 2021 and Press Release No. 2021-2022/695 dated August 13, 2021. ¥ As per the Press Release No. 2014-2015/1971 dated March 19, 2015. £ As per the Press Release No. 2021-2022/181 dated May 07, 2021. ~ As per the Press Release No. 2021-2022/177 dated May 07, 2021. ψ As per the Press Release No. 2021-2022/323 dated June 04, 2021. Ajit Prasad Director    Press Release: 2021-2022/969

April 14, 2015

Dear All

Welcome to the refurbished site of the Reserve Bank of India.

The two most important features of the site are: One, in addition to the default site, the refurbished site also has all the information bifurcated functionwise; two, a much improved search – well, at least we think so but you be the judge.

With this makeover, we also take a small step into social media. We will now use Twitter (albeit one way) to send out alerts on the announcements we make and YouTube to place in public domain our press conferences, interviews of our top management, events, such as, town halls and of course, some films aimed at consumer literacy.

The site can be accessed through most browsers and devices; it also meets accessibility standards.

Please save the url of the refurbished site in your favourites as we will give up the existing site shortly and register or re-register yourselves for receiving RSS feeds for uninterrupted alerts from the Reserve Bank.

Do feel free to give us your feedback by clicking on the feedback button on the right hand corner of the refurbished site.

Thank you for your continued support.

Department of Communication

Reserve Bank of India

Next

April 14, 2015

Dear All

Welcome to the refurbished site of the Reserve Bank of India.

The two most important features of the site are: One, in addition to the default site, the refurbished site also has all the information bifurcated functionwise; two, a much improved search – well, at least we think so but you be the judge.

With this makeover, we also take a small step into social media. We will now use Twitter (albeit one way) to send out alerts on the announcements we make and YouTube to place in public domain our press conferences, interviews of our top management, events, such as, town halls and of course, some films aimed at consumer literacy.

The site can be accessed through most browsers and devices; it also meets accessibility standards.

Please save the url of the refurbished site in your favourites as we will give up the existing site shortly and register or re-register yourselves for receiving RSS feeds for uninterrupted alerts from the Reserve Bank.

Do feel free to give us your feedback by clicking on the feedback button on the right hand corner of the refurbished site.

Thank you for your continued support.

Department of Communication

Reserve Bank of India

Next

Today, the Reserve Bank released data relating to India’s International Investment Position at end-June 2021. Key Features of India’s IIP in June 2021 Net claims of non-residents on India declined by US$ 24.3 billion during April-June 2021 to US$ 327.0 billion as at end-June 2021 (Table 1). Reserve assets accounted for 95 per cent of the increase of US$ 35.9 billion in Indian residents’ overseas financial assets during the quarter. Foreign-owned assets in India recorded an increase of US$ 11.6 billion, corresponding to an equal rise in inward foreign direct investment. Variation in exchange rate of rupee vis-a-vis other currencies affected change in liabilities, when valued in US$ terms. Reserve assets continued to have the dominant share (68.3 per cent) in India’s international financial assets (Table 2). The share of non-debt liabilities in total international liabilities edged up to 52.7 per cent in June 2021 (Table 3). The ratio of international assets to international liabilities has gradually improved to 73.2 per cent in June 2021 from 68.5 per cent a year ago. (Yogesh Dayal)      Chief General Manager Press Release: 2021-2022/963 Table 1: Overall International Investment Position of India (US $ billion) Period June-20 (R) Sep-20 (PR) Dec-20 (PR) Mar-21 (PR) June-21 (P) Net IIP (A-B) -344.8 -337.7 -340.7 -351.3 -327.0 A. Assets 749.0 802.8 852.3 859.3 895.2 1. Direct Investment 185.6 188.3 190.9 193.9 199.2 1.1 Equity and investment fund shares 120.3 121.3 122.5 122.7 125.3 1.2 Debt instruments 65.3 67.0 68.4 71.2 73.9 2. Portfolio Investment 4.3 5.0 6.3 7.9 7.9 2.1 Equity and investment fund shares 0.8 1.9 2.5 2.3 3.1 2.2 Debt Securities 3.5 3.1 3.8 5.6 4.8 3. Other Investment 53.4 64.8 69.3 80.5 77.0 3.1 Trade Credits 1.1 2.8 3.2 5.6 7.9 3.2 Loans 7.4 9.0 10.6 13.3 13.7 3.3 Currency and Deposits 27.7 34.9 37.3 42.4 35.9 3.4 Other Assets 17.2 18.1 18.2 19.2 19.5 4. Reserve Assets 505.7 544.7 585.8 577.0 611.1 B. Liabilities 1,093.8 1,140.5 1,193.0 1,210.6 1,222.2 1. Direct Investment 419.4 455.9 480.2 482.1 493.7 1.1 Equity and investment fund shares 395.8 430.7 454.6 456.9 468.0 1.2 Debt instruments 23.6 25.2 25.6 25.2 25.7 2. Portfolio Investment 241.7 253.3 274.0 282.0 281.3 2.1 Equity and investment fund shares 139.0 149.1 170.6 177.3 176.2 2.2 Debt securities 102.7 104.2 103.4 104.7 105.1 3. Other Investment 432.7 431.3 438.8 446.5 447.2 3.1 Trade Credits 104.0 102.2 102.6 100.3 102.2 3.2 Loans 184.8 180.8 184.0 190.0 189.5 3.3 Currency and Deposits 132.9 137.5 140.7 142.1 141.9 3.4 Other Liabilities 11.0 10.8 11.5 14.1 13.6 Memo item: Assets to Liability Ratio (%) 68.5 70.4 71.4 71.0 73.2 R: Revised    PR: Partially revised    P: Provisional; The sum of the constituent items may not add to the total due to rounding off. Table 2: Composition of International Financial Assets and Liabilities of India (per cent) Period June-20 (R) Sep-20 (PR) Dec-20 (PR) Mar-21 (PR) June-21 (P) A. Assets               1. Direct Investment 24.8 23.4 22.4 22.6 22.3     2. Portfolio Investment 0.6 0.6 0.7 0.9 0.9     3. Other Investment 7.1 8.1 8.2 9.4 8.5     4. Reserve Assets 67.5 67.9 68.7 67.1 68.3    Assets/Liabilities 100.0 100.0 100.0 100.0 100.0 B. Liabilities     1. Direct Investment 38.3 40.0 40.2 39.8 40.4     2. Portfolio Investment 22.1 22.2 23.0 23.3 23.0     3. Other Investment 39.6 37.8 36.8 36.9 36.6 Table 3: Share of External Debt and Non-Debt Liabilities of India (per cent) Period June-20 (R) Sep-20 (PR) Dec-20 (PR) Mar-21 (PR) June-21 (P) Non-Debt Liabilities 48.9 50.8 52.4 52.4 52.7 Debt Liabilities 51.1 49.2 47.6 47.6 47.3 Total 100.0 100.0 100.0 100.0 100.0

Preliminary data on India’s balance of payments (BoP) for the first quarter (Q1), i.e., April-June 2021-22, are presented in Statements I (BPM6 format) and II (old format). Key Features of India’s BoP in Q1:2021-22 India’s current account balance recorded a surplus of US$ 6.5 billion (0.9 per cent of GDP) in Q1:2021-22 as against a deficit of US$ 8.1 billion (1.0 per cent of GDP) in Q4:2020-21 and a surplus of US$ 19.1 billion (3.7 per cent of GDP) a year ago [i.e. Q1:2020-21]. The surplus in the current account in Q1:2021-22 was primarily on account of contraction in the trade deficit to US$ 30.7 billion from US$ 41.7 billion in the preceding quarter, and an increase in net services receipts. Net services receipts increased, both sequentially and on a year-on-year (y-o-y) basis, on the back of robust performance of net exports of computer and business services. Private transfer receipts, mainly representing remittances by Indians employed overseas, amounted to US$ 20.9 billion, an increase of 14.8 per cent from their level a year ago. Net outgo from the primary income account, mainly reflecting net overseas investment income payments, decreased sequentially as well as on a y-o-y basis. In the financial account, net foreign direct investment recorded inflow of US$ 11.9 billion as against outflow of US$ 0.5 billion in Q1:2020-21. Net foreign portfolio investment was US$ 0.4 billion as compared with US$ 0.6 billion in Q1:2020-21. Net external commercial borrowings to India recorded inflow of US$ 0.5 billion in Q1:2021-22 as against an outflow of US$ 0.6 billion a year ago. Net inflow on account of non-resident deposits decreased to US$ 2.5 billion from US$ 3.0 billion in Q1:2020-21. There was an accretion of US$ 31.9 billion to the foreign exchange reserves (on a BoP basis) as compared with that of US$ 19.8 billion in Q1:2020-21 (Table 1). Table 1: Major Items of India’s Balance of Payments (US$ Billion)   April-June 2021 P April-June 2020   Credit Debit Net Credit Debit Net A. Current Account 180.0 173.5 6.5 122.4 103.3 19.1 1. Goods 97.4 128.1 -30.7 52.2 63.2 -11.0   Of which:                       POL 13.0 31.0 -18.0 4.8 13.2 -8.3 2. Services 56.2 30.4 25.8 47.0 26.2 20.8 3. Primary Income 5.4 13.0 -7.5 5.0 12.7 -7.7 4. Secondary Income 20.9 1.9 19.0 18.2 1.2 17.0 B. Capital Account and Financial Account 155.3 161.4 -6.1 120.2 138.6 -18.5   Of which:                       Change in Reserves [Increase (-)/Decrease (+)] 0.0 31.9 -31.9 0.0 19.8 -19.8 C. Errors & Omissions (-) (A+B)   0.4 -0.4   0.6 -0.6 P: Preliminary Note: Total of subcomponents may not tally with aggregate due to rounding off. (Yogesh Dayal)      Chief General Manager Press Release: 2021-2022/960

Earlier today, the Reserve Bank of India released balance of payments (BoP) data for April-June 2021 on its website (www.rbi.org.in). On the basis of these data, the sources of variation in foreign exchange reserves during April-June 2021 are detailed below. Sources of Variation in Foreign Exchange Reserves: April-June 2021 During April-June 2021, there was an increase in the foreign exchange reserves, the sources of which are set out in Table 1. Table 1: Sources of Variation in Foreign Exchange Reserves* (US$ Billion) Items April-June 2021 April-June 2020 I.   Current Account Balance 6.5 19.1 II.   Capital Account (net) (a to f) 25.4 0.8   a. Foreign Investment (i+ii) 12.3 0.1     (i) Foreign Direct Investment (FDI) 11.9 -0.5     (ii) Portfolio Investment 0.4 0.6         Of which:               Foreign Institutional Investment (FII) 0.4 1.1           ADR/GDR 0.0 0.0   b. Banking Capital 4.1 2.2         Of which: NRI Deposits 2.5 3.0   c. Short term credit 1.9 -0.2   d. External Assistance 0.3 4.1   e. External Commercial Borrowings 0.9 -1.2   f. Other items in capital account 5.9 -4.3 III.   Valuation change 2.2 8.0     Total (I+II+III) @ Increase in reserves (+) / Decrease in reserves (-) 34.1 27.9 *: Based on the old format of BoP which may differ from the new format (BPM6) in the treatment of transfers under the current account and ADRs/ GDRs under portfolio investment. @: Difference, if any, is due to rounding off. Note: ‘Other items in capital account’ apart from ‘Errors and Omissions’ include SDR allocation, leads and lags in exports, funds held abroad, advances received pending issue of shares under FDI and capital receipts not included elsewhere and rupee denominated debt. On a balance of payments basis (i.e., excluding valuation effects), foreign exchange reserves increased by US$ 31.9 billion during April-June 2021 as compared with US$ 19.8 billion during April-June 2020. Foreign exchange reserves in nominal terms (including valuation effects) increased by US$ 34.1 billion during April-June 2021 as compared with US$ 27.9 billion in the corresponding period of the preceding year (Table 2). Table 2: Comparative Position of Variation in Reserves (US$ Billion) Items April-June 2021 April-June 2020 1 Change in Foreign Exchange Reserves (Including Valuation Effects) 34.1 27.9 2 Valuation Effects [Gain (+)/Loss (-)] 2.2 8.0 3 Change in Foreign Exchange Reserves on BoP basis (i.e., Excluding Valuation Effects) 31.9 19.8 Note: Increase in reserves (+)/Decrease in reserves (-). Difference, if any, is due to rounding off. The valuation gain, reflecting the depreciation of the US dollar against major currencies and increase in gold prices, amounted to US$ 2.2 billion during April-June 2021 as compared with US$ 8.0 billion during April-June 2020. (Yogesh Dayal)      Chief General Manager Press Release: 2021-2022/961