Despite soaring gold import, lower crude narrows CAD to 2% in Q1

Lower crude prices and higher invisible receipts have helped the country narrow the current account deficit to 2 percent of GDP or at USD 14.3 billion in the first quarter, down 30 basis points from year-ago, the Reserve Bank said on Monday.

In the year-ago period, CAD had printed at 2.3 percent of GDP or USD 15.8 billion.

"CAD contracted on an annualised basis primarily due to higher invisible receipts at USD 31.9 billion compared to USD 29.9 billion a year ago," RBI said.

The net foreign direct investment was USD 13.9 billion in Q1 up from USD 9.6 billion last year.

During the