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India’s current account gap narrows to $3.04 bn

India’s current account gap narrows to $3.04 bn
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First Published: Fri, Mar 30 2007. 02 27 PM IST
Updated: Fri, Mar 30 2007. 02 27 PM IST
Anoop Agrawal, Bloomberg
India’s current account deficit narrowed to $3.04 billion from $4.78 million in the fiscal third quarter as revenue from services abroad and remittances by overseas workers almost doubled.
Receipts from professional, software, and business services and overseas Indians rose to $16 billion in the three months ended 31 December, the central bank said.
The current account is a broad measure of trade that includes services, tourism flows, employee remittances and investment income, which many traders and strategists track to determine the underlying strength of currencies.
Net capital flows into the country rose to $10.7 billion in the quarter from $359 million a year earlier. That was because of the $5.5 billion outflow from India to repay State Bank of India’s Millennium deposits in December 2005.
The deficit was little changed at $11.8 billion in the nine months through 31 December, from $11.9 billion in the year earlier period. Capital flows more than doubled in the nine months to $27.3 billion.The average cost for India’s crude oil import basket, a mix of Dubai and Brent, rose to $58.3 a barrel in the quarter through 31 December from $54.5 a year earlier.
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First Published: Fri, Mar 30 2007. 02 27 PM IST