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Current account deficit balloons to $12.5 b

MUMBAI: India’s current account deficit ballooned three times to a record $12.5 billion in the second quarter of this fiscal on account of spiralling crude oil prices, indicating the impact of developments in the international market on the country’s external sector.

The global financial crisis also took a toll on the country’s net capital flows, which came down from $33.2 billion to $8.2 billion, said a Reserve Bank of India (RBI) report on India’s Balance of Payments developments in the second quarter of the current fiscal. The current account deficit includes gap between the country’s export and imports in goods and services. as well as receipts and payments. — PTI

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