RBI says current account deficit (CAD) in India widens to $13.5 bn in Q3
Current account deficit: According to the RBI, net services receipts increased by 17.8 per cent on a y-o-y basis mainly on the back of a rise in net earnings from software services and travel receipts. "Private transfer receipts, mainly representing remittances by Indians employed overseas, amounted to $17.6 billion, increasing by 16 per cent from their level a year ago," the RBI said.
The RBI added that in Q3 2017-18, there was an accretion of $ 9.4 billion to the foreign exchange reserves (on BoP basis) as against depletion of $1.2 billion in Q3 of 2016-17. Image source: Reuters