Mumbai: The RBI in its latest report on its investment pattern and earnings of the foreign currency assets has said that out of the total foreign currency assets of $274.3 billion it had invested $142.1 billion in securities and $126.9 billion was deposited with the other central banks, BIS and IMF, in March. $5.3 billion was placed with the External Asset Managers with an objective of gaining access to and deriving benefits from their expertise and market research, RBI said. Total foreign currency assets grew 3.43 per cent over September 2010, the last reporting date. RBI held a total of 557.75 tonnes of gold which is about 7.5 per cent of total foreign exchange reserves in the term of its value as of March, 2011. The RBI added that there was no pre-payment of any debt during the half year October 2010 to March, 2011. It further added, the ratio of short-term debt to the foreign exchange reserves was 18.8per cent at end-March 2010 and it increased to 21.3 per cent at end-March, 2011. The High Level Committee on Balance of Payments, which was chaired by C Rangarajan, erstwhile governor of the Reserve Bank of India, had suggested that, while determining the adequacy of reserves, due attention should be paid to payment obligations in addition to the traditional measure of import cover of 3 to 4 months.
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