Current account deficit narrows to 0.9% in Q3FY13

The April-Dec CAD was at 2.3% of GDP vs 5.2% y-o-y

India's balance of payments turned to a $19.1 billion surplus in the October-December quarter of last year after two quarters of deficit as the slowdown in gold imports sharply narrowed the country's current account deficit.

The current account deficit for October-December 2013 narrowed to $4.2 billion, or 0.9% of gross domestic product, from $31.9 billion a year ago, when it was at 6.5 percent, the Reserve Bank of India said on Wednesday.

The current account deficit had reached $5.2 billion, or 1.2% of GDP in the July-September quarter of last year.

India's current account deficit has narrowed from a record high of 4.8% of GDP in the 2012/13 fiscal year as the government has imposed stringent curbs on gold imports.

The trade deficit in the October-December period stood at $33.2 billion compared with $58.4 billion a year ago, while the capital and financial account surplus fell sharply to $4.8 billion versus $30.8 billion a year ago.