The increase in external debt was partially offset by valuation gain resulting from the appreciation of the US dollar against Indian rupee and other major currencies
The external debt level, however, suffered from valuation loss after the US dollar depreciated against major currencies that time
Some increase in short-term debt primarily due to trade related credit also contributed to the overall increase in total external debt
The growth of external debt attributes to steady economic growth and stable foreign trade
The external debt to GDP) stood at 20.3% at the end of June quarter
The external debt-GDP ratio fell to 20.2 per cent at the end of March 2017
Decline in external debt was partly offset by valuation gains of $1.4 billion, triggered by an appreciation of the dollar
India's external debt stood at $485.6 billion as of March 2016, up 2.2 per cent year-on-year due to a rise in long-term debt
Dollar denominated debt accounted for 57.6% of India's total external debt, followed by that in the rupee at 28.7%