(Removes reference to comments by finance minister, which are incorrect)
NEW DELHI (Reuters) - Markets are being too pessimistic about the current account deficit, the finance ministry said on Thursday, after data earlier showed the gap had been lower than expected.
Concerns about the current account deficit have been a key factor behind the rupee's slump to a record low of 60.76 to the dollar on Wednesday.
"We do certainly believe that (the) market is over reacting. And this is evident from the fact (that) it over reacted by anticipating a much higher CAD for the entire last year," the Finance ministry said in a statement to reporters.
The current account deficit hit a record high 4.8 percent of gross domestic product in the fiscal year that ended in March, fuelled by rising imports of oil and gold, but was lower than an expected gap of 5 percent.
(Reporting by Manoj Kumar; Editing by Gopakumar Warrier)
