WASHINGTON: Increasing its exposure, India held the U.S. government securities worth $116.6 billion in October amid the world’s largest economy seeing stronger signs of recovery.
India hiked its holding of these securities by little over $3 billion in October from $113.5 billion recorded in September.
In October, neighbouring China remained the largest holder with American government securities worth $1.255 trillion, followed by Japan with holdings valued at $1.149 trillion.
Latest data from the U.S. Treasury Department showed that India owned securities worth $116.6 billion in October after trimming its holdings in the previous two months.
This is also the second highest level after the holdings touched $117 billion in June.
Among the BRIC grouping, India was at the third position after China and Brazil ($255 billion). Russia’s holdings of the U.S. government securities steeply declined to $82 billion in October.
In the three months ended September, the United States’ real gross domestic product rose two percent.
“The increase in real GDP in the third quarter primarily reflected positive contributions from personal consumption expenditures, non-residential fixed investment, state and local government spending, residential fixed investment, and exports that were partly offset by a negative contribution from private inventory investment,” the U.S. Bureau of Economic Analysis said last week.
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