Mumbai: India’s current account deficit narrowed to USD 10.5 billion or 1.2 per cent of GDP in the October-December quarter as against USD 11.4 billion or 1.3 per cent in the preceding three months ending September, the Reserve Bank said on Tuesday.

When compared to the year-ago period, the narrowing in the CAD was much sharper when compared to USD 16.8 billion or 2 per cent for the October-December 2022 period, the Reserve Bank said in the data on balance of payments.

For the first nine months of the fiscal, CAD has moderated to 1.2 per cent of GDP from 2.6 per cent of GDP in the corresponding period a year ago on the back of a lower merchandise trade deficit, the RBI said.

Press Trust of India