Tirthankar Patnaik, Religare said, "A sharp relief in Q2 would translate into a sub-3 percent CAD for the fiscal. Receipt of FCNR (B) deposits worth USD 26 billion, so far, should also reverse the deficit seen on the capital account in Q3. However, we remain cautious on India's BoP and the rupee, particularly after the RBI shut the dollar window for OMCs."
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