The country's current account deficit (CAD) stood at $23 billion or 2.7% of GDP in the third quarter of fiscal year 2021/22, compared with a deficit of $2.2 billion or 0.3% of GDP as year earlier.
In the preceding quarter, the shortfall stood at $9.9 billion or 1.3% of GDP, RBI data showed.
"We expect the current account deficit to recede somewhat in Q4FY22, to around $17-$21 billion, with the third wave temporarily curtailing certain imports," said Aditi Nayar, chief economist at ICRA, referring to a surge in coronavirus infections.
The central bank said net services receipts increased both sequentially and on year-on-year basis on the back of the robust performance of net exports of computer and business services.
Private transfer receipts, mainly remittances by overseas Indians, rose 13.1% on the year, while net foreign direct investment showed an inflow of $5.1 billion, lower than $17.4 billion in the same quarter a year ago.
The country's balance of payments stood at a small surplus of $0.5 billion in the third quarter of the financial year, compared with a surplus of $32.5 billion a year earlier.
"If the ongoing geo-political tensions between Ukraine and Russia push up the average price of the Indian crude oil basket in FY2023 to $105/barrel, then the CAD (current account deficit) is projected to widen to $90-95 billion," Nayar said.
 "Indian Rupee")