India’s current account deficit declines sharply to 1% of GDP: RBI data
The decline is driven by mainly due to lower merchandise trade deficit and growth in services exports, it added.
India’s forex reserves spiked by $4.549 billion to touch a new all-time high of $648.7 billion for the week ended May 17, the Reserve Bank said on Friday.
This is the third consecutive week of increase in the overall kitty, which had increased by $2.561 billion to $644.151 billion in the previous reporting week ended May 17.
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As per the RBI data, In the week ended May 10, foreign currency assets, a major component of the reserves, increased $3.361 billion to $569.009 billion.
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For the week ended April 5, the reserves had hit an all time high of $648.562 billion following multiple weeks of increases.
Further, the gold reserves increased $1.244 billion to $57.195 billion during the week. The Special Drawing Rights (SDRs) were up $113 million to $18.168 billion, RBI said.
India’s reserve position with the IMF was down $168 million to $4.327 billion in the reporting week, the data showed.
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