Indian rupee has been one of the worst performing currencies in Asia this year. India current account deficit narrows sharply

India current account deficit narrows sharply 

 

India's current account deficit, a key area of concern, narrowed sharply in the second quarter after a series of measures helped curb gold imports.

The deficit fell to $5.2bn during the July-to-September quarter, down from $21bn during the same period last year.
A current account deficit is the difference between inflow and outflow of foreign currency and occurs when imports are greater than exports.
India's deficit had been widening raising fears over its economic health.

 Gold imports

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India has been trying to bring down the deficit after it hit a record high of 6.7% of the GDP in the October-to-December quarter last year.

A widening deficit strains the country's foreign exchange reserves, as well as the value of its currency.
The Indian rupee has been one of the worst performing currencies in Asia this year.

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