India’s Current account deficit rises to 6.7% in Q3

India’s current account deficit has risen to a record high of 6.7% of GDP in the third quarter. The current account deficit was $32.63 billion in December quarter compare to $22.3 billion in the September quarter.

Markets were expecting a deficit around 6% of GDP and this result much below the expectation.

Experts are said that the deficit credit goes to heavy oil and gold imports and muted exports and RBI needs to encourage market.

At the closing of the market the rupee ended at 54.28 per dollar on Thursday.

“The pickup in capital flows was mainly due to foreign portfolio investment which rose to $8.6 billion during Q3 of 2012-13 from $1.8 billion in Q3 of previous year,” the RBI said.

• About the Author

About Sprightly Spirit

“I dare do all that may become a man. Who dares more is none”. And all, may be. It may be the vigor. Or the spirit. Or the courage to avoid being “politically correct” or bent. And, ban all averse with immaculate overture of graciously fathomable words firm in views. Subtle. Justifying the undying conscience. Values. Knowledge. And, dares to stay true. True to own. True to the world. And, to the words. With a dream in eyes it exists. In you. In me. In all. The sprite that never shies away. The spirit that never dies!