19 Apr 2017

Surge in gold imports

India’s current account deficit widened in the third quarter due mainly to a surge in gold imports during the festival period. The balance of payments was further affected by sharp FPI outflows caused by the Trump effect and demonetization as well as redemptions of non-resident foreign currency deposits which were maturing. In the end, the third quarter balance of payments was in deficit by $1.2bn compared to a surplus of $8.5bn in the previous quarter. 

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