π India's current account deficit hits $4.2 billion
India's current account deficit widened to $4.2 billion in the first quarter of FY27 compared to $3.4 billion the previous year. This situation was reported by the Reserve Bank of India for the period of April to June. The merchandise trade deficit reached $86.1 billion, largely driven by a 26% higher oil import bill reaching $49 billion. Net services receipts saw growth, while foreign portfolio investment recorded a net outflow of $9.6 billion. Moving forward, the RBI revised the deficit figure and noted foreign exchange reserves decreased by $8.1 billion on a balance of payments basis.