Mumbai, June 30 (TIWN) India's external debt for the quarter ended March 2020 rose to $558.5 billion on account of currency valuation effect and commercial borrowings and non-resident Indian (NRI) deposits.

The external debt during the period under review rose by 2.8 per cent or $15.4 billion on a year-on-year basis.

"At end-March 2020, India''s external debt was placed at $558.5 billion, recording an increase of $15.4 billion over its level at end-March 2019," the Reserve Bank of India said.

"Valuation gains due to the appreciation of the US dollar vis-a-vis Indian rupee and other major currencies were placed at $16.6 billion. Excluding the valuation effect, the increase in external debt would have been $32 billion instead of $15.4 billion at end-March 2020 over end-March 2019."