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    <title>Sources of Variation in Foreign Exchange Reserves in India during April-September 2012</title>
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    <description>Sources of variation in foreign exchange reserves for April-September 2012 show a small net accretion: a current account deficit was largely offset by net capital account inflows-notably foreign investment (FDI and portfolio), banking capital including NRI deposits, and short term trade credit-resulting in a marginal increase in reserves on a BoP basis, while modest valuation gains from exchange rate movements contributed slightly to the aggregate change.</description>
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      <description>Sources of variation in foreign exchange reserves for April-September 2012 show a small net accretion: a current account deficit was largely offset by net capital account inflows-notably foreign investment (FDI and portfolio), banking capital including NRI deposits, and short term trade credit-resulting in a marginal increase in reserves on a BoP basis, while modest valuation gains from exchange rate movements contributed slightly to the aggregate change.</description>
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