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CAD rises to $15.8 bn in first quarter on high trade deficit
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SME Times News Bureau | 08 Sep, 2018
Current Account Deficit of India during the first quarter ending June
rose to now stand at 2.4 per cent of the GDP, RBI data showed on Friday.
The official data
released by the central bank shows increased trade deficit played a key role in
this rise.
As per the Reserve Bank of India's (RBI) latest Balance of Payments (BoP) data,
the country's CAD in the same period a year ago stood at $15 billion.
"India's CAD stood at $15.8 billion (2.4 per cent of GDP) in Q1 of 2018-19
compared with $15.0 billion (2.5 per cent of GDP) in Q1 of 2017-18," the
RBI said.
"The widening of the CAD on a year-on-year (y-o-y) basis is primarily on
account of a higher trade deficit at $45.7 billion compared with $41.9 billion
a year ago."
High global crude oil prices that have added to the trade deficit, along with
fears over an escalation in the trade war and outflows of foreign funds from
the country's equity market segment, pulled the Indian rupee to a new record
low of 72.11 per US dollar on Thursday.
"Net services receipts increased by 2.1 per cent on a y-o-y basis mainly
on the back of a rise in net earnings from software and financial
services," the central bank said.
"Private transfer receipts, mainly representing remittances by Indians
employed overseas, amounted to $18.8 billion, increasing by 16.9 per cent from
their level a year ago." it added.
In the financial account, net foreign direct investment (FDI) stood at $9.7
billion in the quarter in consideration, higher than $7.1 billion in the first
quarter of 2017-18.
The data disclosed, however, that net outflow of portfolio investment was $8.1
billion as against a net inflow of $12.5 billion during the same quarter last
year on account of net sales in both the debt and equity markets.
"Net receipts on account of non-resident deposits amounted to $3.5 billion
in Q1 of 2018-19 compared with $1.2 billion a year ago," the RBI said.
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CAD
S Kumar | Wed Sep 12 02:25:30 2018
Outward remittances like foreign investments and gifts by individuals upto 2 lac dollars per person per year should be stopped. It is being highly misused.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
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66.20
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64.50 |
UK Pound
|
87.50
|
84.65 |
Euro
|
78.25
|
75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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