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INDIA'S CURRENT ACCOUNT DEFICIT WIDENS TO $US6.9BLN.
MUMBAI, Jan 1 Asia Pulse - India's current account deficit widened to $US6.9 billion in the second quarter of this fiscal year, compared to $US3.6 billion in the year-ago period, the Reserve Bank of India (RBI) said on Thursday.
The deficit accrued despite an $US11 billion invisible surplus and has been attributed mainly to oil imports, which clocked up a 31 per cent increase in the second quarter, the RBI said.
The RBI was releasing Balance of Payment (BoP) data for the July-September 2006 period, as well for the first half of this fiscal year.
Strong oil import demand also resulted in a steady expansion in the trade deficit on a BoP basis to $US17.9-billion in the quarter, as against $US13.2-billion in the same period last year.
"Oil imports reflected the impact of the hardening price ...
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