SENSEX NIFTY
Apr 02, 2012, 09.23 AM IST | Source: Reuters

Oct-Dec balance of payments negative; first in 3 years

India's balance of payments was in deficit for the first time in three years at $12.8 billion during the October-December quarter, compared with a surplus of $4 billion in the corresponding period a year earlier.

Oct-Dec balance of payments negative; first in 3 years

India's balance of payments was in deficit for the first time in three years at $12.8 billion during the October-December quarter, compared with a surplus of $4 billion in the corresponding period a year earlier.

For July-September, the BoP surplus was unchanged at $276 million, the Reserve Bank of India said on Friday.

India's current account deficit was $19.6 billion in the December quarter, compared with a deficit of $9.7 billion a year earlier, the RBI said.

For July-September, the current account deficit was revised upwards to $18.4 billion.

Starting in the June 2011 quarter, the RBI moved to a new reporting format for balance of payments data, dividing the capital account into capital account and financial account.

The financial account is the more closely watched of the two, as it represents more items under the former capital account definition. The modified version of the capital account only includes official transfers.

The financial account includes, among other items, foreign direct investment and portfolio investment as well as overseas borrowing by Indian companies.

The financial account surplus stood at $20.9 billion in the December quarter compared with a surplus $9.9 billion a year ago.

ADS BY GOOGLE

video of the day

Go for midcaps in cement space, bullish BPCL, IOC: HDFC Sec

Explore Moneycontrol

Copyright © e-Eighteen.com Ltd. All rights reserved. Reproduction of news articles, photos, videos or any other content in whole or in part in any form or medium without express written permission of moneycontrol.com is prohibited.