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Current account deficit balloons to $1.7 bn in Q3
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SME Times News Bureau | 01 Apr, 2021
India's current account deficit stood at $1.7 billion in Q3FY21 from a
surplus of $15.1 billion reported for the second quarter of the current
fiscal.
On a YoY basis, the country's Balance of Payment status was in a deficit of $2.6 billion during Q2FY20.
"Underlying
the current account deficit in Q3:2020-21 was a rise in the merchandise
trade deficit to US$34.5 billion from US$14.8 billion in the preceding
quarter, and an increase in net investment income payments," the RBI
said in a statement on India's Q3FY21 BoP.
According to the
central bank, net services receipts increased, both sequentially and on a
year-on-year basis, primarily on the back of higher net export earnings
from computer services.
However, private transfer receipts,
mainly representing remittances by Indians employed overseas, declined
marginally on a y-o-y basis but improved sequentially by 1.5 per cent to
$20.7 billion in Q3:2020-21.
"Net outgo on the primary income
account, primarily reflecting payments of investment income, increased
to US$ 10.1 billion from US$ 7.4 billion a year ago."
As per the
RBI, in the financial account, net foreign direct investment (FDI)
recorded a robust inflow of $17 billion as compared with $9.7 billion in
Q3 of 2019-20.
"Net foreign portfolio investment (FPI) was
US$21.2 billion as compared with US$7.8 billion in Q3:2019-20, primarily
reflecting net purchases by foreign portfolio investors in the equity
market."
"With repayments exceeding fresh disbursals, external
commercial borrowings to India recorded net outflow of US$1.7 billion in
Q3:2020-21 as against an inflow of US$3.2 billion a year ago."
Besides
the data showed that net accretions to non-resident deposits increased
to $3 billion from $0.8 billion during the corresponding period of
2019-20.
"There was an accretion of US$ 32.5 billion to the
foreign exchange reserves (on a BoP basis) as compared with that of US$
21.6 billion in Q3:2019-20."
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
|
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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