India trims exposure to US govt securities at $57 billion | business | Hindustan Times
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India trims exposure to US govt securities at $57 billion

business Updated: Oct 23, 2013 14:13 IST

India trimmed its exposure to US government securities to $57 billion in August, the lowest in four months, amid persistent uncertainties in the world's largest economy.

The country has reduced its holding of American treasury bills by as much as $1.9 billion compared to July when it stood at $ 58.9 billion.

India has been cutting down its exposure to American government securities since May when it was worth $ 59.9 billion, according to latest data from the Treasury Department.

In April, the holdings were worth about $55.8 billion.

In May and June, the exposure stood at $59.9 billion and $61.2 billion, respectively.

Meanwhile, China remains the biggest holder of American securities with holdings worth $1.268 trillion in August, a tad lower than $1.279 trillion at the end of July.

Japan has the second largest exposure at $1.149 trillion.

Among the BRICS nations -- Brazil, Russia, India, China and South Africa -- India has the second lowest holding of American government securities. In this grouping, Brazil's holding was at $252.9 billion followed by Russia at $136 billion in August.

Only South Africa's exposure -- at $13.2 billion in August -- was lower than that of India.

The US economy had been grappling with concerns about shutdown and possible debt default in the wake of political impasse, which was resolved earlier this month.