Current account deficit for Q4 narrows to $ 1.2 billion

Mumbai: India's current account deficit for fourth quarter ended March 2015 stood $ 1.3 billion (0.2% of gross domestic product) from $ 1.2 billion (0.2% of GDP) for January-March 2014.

CAD for Q4 narrowed sharply from deficit of $ 8.3 billion (1.6% of GDP) in the third quarter ended December 2014.

The balance of payments (BOP) was in positive territory with the highest ever net accretion to foreign exchange reserves in single quarter. The addition to reserves was $30.2 billion in the Q4 of Fy15, as against $ 7.1 billion in Q4 of 2013-14, Reserve Bank of India said.

The CAD for 2014-15 (FY15) narrowed to $ 27.5 billion (1.3% f GDP compared to $ 32.4 billion (1.7% of GDP) 2013-14. The accretion to reserves for Fy15 was pegged at $ 61.4 billion as against $ 15.5 billion in FY14.

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