India's external debt stood at $ 529.7 billion at the end of March 2018, recording an increase of $ 58.4 billion year-on-year, primarily on account of a rise in commercial borrowings, short-term debt and non-resident Indian (NRI) deposits, the RBI said today.

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The increase in the magnitude of external debt was partly due to valuation loss resulting from the depreciation of the US dollar against major currencies,the central bank said in a statement

The external debt to GDP ratio stood at 20.5 percent at end-March 2018, higher than its level of 20.0 percent at end-March 2017,it added.

As per the RBI data, share of commercial borrowings continued to be the largest component of external debt with a share of 38.2 percent, followed by NRI deposits (23.8 percent) and short-term trade credit (19.0 percent).

Debt service payments declined to 7.5 percent of current receipts at end-March 2018 as compared with 8.3 percent at end-March 2017.

First Published:Jun 29, 2018 10:00 PM IST