India’s Third-Quarter Current-Account Gap More Than Estimatedby
India’s current-account deficit in the quarter through December was more than estimated as overseas earnings from services slowed.
The shortfall in the broadest measure of trade was $7.1 billion in the three months, wider than the median $3 billion in a Bloomberg survey of 15 economists. The measure narrowed from $8.7 billion in the previous quarter.
Merchandise exports have fallen for 14 straight months while services have dropped for three, dragging the rupee toward its record low against the dollar. The rupee has weakened 0.6 percent this year to 66.5350 a dollar in Asia’s worst performance, after completing a fifth straight annual decline in 2015.