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India posts current account deficit of 0.1% of GDP in April-June

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India posted a current account deficit of US$300 million, or 0.1 per cent of gross domestic product, in the April-June quarter, contrasting with expectations for a surplus of nearly US$4 billion.

[MUMBAI] India posted a current account deficit of US$300 million, or 0.1 per cent of gross domestic product, in the April-June quarter, contrasting with expectations for a surplus of nearly US$4 billion.

The deficit was much narrower than a deficit of US$6.1 billion, or 1.2 per cent of GDP, in the same quarter a year ago, according to the data released by the Reserve Bank of India on Wednesday.

Meanwhile, the balance of payments posted a surplus of US$7.0 billion for the April-June quarter, down from an US$11.4 billion surplus a year ago, the RBI data showed.

It was India's third consecutive balance of payment surplus.

REUTERS