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India cuts US debt exposure by $4.2 bn in 3 months

NEW DELHI: India has lowered its exposure to America's ballooning debt for three consecutive months, as its holding of the US Treasury bonds fell by USD 4.2 billion (more than Rs 20,000 crore) between May and July this year.

As per the latest foreign holding data released by the US Treasury Department, Indian holding of the US Treasury bonds - debt securities issued by the world's largest economy - fell by USD 1 billion in July to USD 37.9 billion.

It was the third consecutive month of decline since May, and the longest declining streak since 2010.

At the end of April 2011, India held treasury bonds worth USD 42.1 billion - close to its record high holding of USD 42.2 billion in June 2009.

The Indian holding declined for three months even before the first-ever sovereign rating downgrade of the US in August. The data for the last month would be released on October 18.

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