The decline was mainly due to narrowing of merchandise trade deficit, according to the data released by the Reserve Bank of India (RBI) on Friday. Country's foreign exchange reserves rose $5.98 billion to $578.78 billion as of March 24.
The current account deficit (CAD) was $30.9 billion or 3.7% of the GDP in the second quarter of 2022-23 and at $22.2 billion or 2.7% of the GDP in the December quarter of 202122. "Underlying the lower current account deficit in Q3:202223 was a narrowing of merchandise trade deficit to $72.7 billion from $78.3 billion in Q2:2022-23, coupled with robust services and private transfer receipts," RBI said.
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