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'Current account deficit to narrow to $53 bn in FY24'
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IANS | 17 May, 2023
Credit rating agency Acuite Ratings & Research said it expects
India's current account deficit to narrow to $53 billion in FY24.
In a report, Acuite Ratings said India's current account
deficit for FY24 is expected to narrow to $53 billion in FY24 bn (1.4
per cent of gross domestic product-GDP) -- compared to a level of about 2
per cent of GDP in FY23.
India's merchandise trade balance
started FY24 on a comforting note, with the deficit narrowing to a
20-month low of $15.2 billion in April 2023 from $18.6 billion in March
2023.
While both exports and imports contracted sequentially in
line with seasonality typically seen at the start of the fiscal year, a
sharper sequential correction in imports vis-A-vis exports drove the
improvement in the trade deficit print, Acuite Ratings said.
According
to the credit rating agency, the core trade deficit (the headline
excluding petroleum and gems & jewellery items) however, widened to
$5.7 bn in Apr-23 from $4.3 bn in Mar-23, led by machinery items,
textiles and chemicals.
Services trade surplus is estimated to
have eased marginally in April'23, to $13.9 billion from $14.2 billion
in March'23. Both exports and imports were little changed on a
sequential basis in the month.
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| Customs Exchange Rates |
| Currency |
Import |
Export |
US Dollar
|
84.35
|
82.60 |
UK Pound
|
106.35
|
102.90 |
Euro
|
92.50
|
89.35 |
| Japanese
Yen |
55.05 |
53.40 |
| As on 12 Oct, 2024 |
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