India Posts $6.6 Billion April BoP Deficit as Portfolio Outflows Drive $11.3 Billion Capital Exit
Updated
Updated · Reuters · Jun 15
India Posts $6.6 Billion April BoP Deficit as Portfolio Outflows Drive $11.3 Billion Capital Exit
3 articles · Updated · Reuters · Jun 15
Summary
$6.6 billion was India's balance of payments deficit in April, reversing a $500 million surplus a year earlier despite a stronger current account.
$11.3 billion in capital account outflows drove the deficit, as foreign portfolio investment flows turned sharply negative from a $5.3 billion inflow a year earlier.
$4.7 billion current account surplus and $16 billion in net transfers helped cushion the hit, while net FDI rose to $7.4 billion from $1.6 billion.
The RBI said it will now publish balance of payments data monthly rather than quarterly, with a delay of 45 days or less.
The April deficit follows a January-March surplus, but higher oil import costs linked to the Iran war are expected to pressure India's external balance this fiscal year.