India posts $45.4B current account surplus
India's balance of payments recorded a surplus of $45.4 billion in August, compared to a deficit of $5.6 billion in the same month last year, reflecting an improvement in external financial inflows to the country. This followed measures taken by the Reserve Bank of India in June to attract capital inflows, including a preferential system for foreign currency deposits by residents abroad. Additionally, the current account deficit decreased to $5.2 billion, while net outward remittances rose to $12.8 billion. August also saw inward capital flows amounting to $50.6 billion, with over $143 billion attracted by mid-September through foreign currency deposits. However, rising oil prices and concerns over capital outflows are putting pressure on the rupee, highlighting the need to continue efforts to attract investments and boost external inflows.
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