• Investment World
• eWorld
• Brand Line
• Mentor
• Life
• Canvas
• Praxis
• Urban Pulse
• Brand Quest
• The New Manager

Stocks

• Quotes
• SE Diary
• Scoreboard
• Open-End Mutual Fund

Cross Currency

• Rates
  
  

Shipping

• Ports
  
  

Archives

• Yesterday
• Datewise
• Resources
• In Focus
• In Depth

Group Sites

• The Hindu
• The Hindu ePaper
• Business Line
• Business Line ePaper
• Sportstar
• Frontline
• The Hindu eBooks
• The Hindu Images

Our Bureau

Average price of crude rises to $66.8

Mumbai , Sept. 29

The country's current account deficit has almost doubled to $6.099 billion in the quarter ended June 30, 2006, against $3.556 billion in the corresponding quarter of last year. This has been made up by a surplus in the capital account, which has moved up to $12.477 billion against $4.803 billion over the corresponding period.

Trade deficit for the corresponding quarter also increased to $18.484 billion against $13.604 billion. The growth in imports outstripped the pace of export growth, said the RBI's release on India's Balance of Payments during the first quarter (April-June 2006) of 20006-07.

While the growth in oil imports accelerated from 31.0 per cent in April-June 2005 to 44.9 per cent in April-June 2006, non-oil imports witnessed a deceleration (9.1 per cent) against an increase of 52.9 per cent over last year. Non-oil imports, excluding gold and silver, during the quarter recorded an increase of 17.3 per cent (53 per cent last year).

The average price of the Indian basket of international crude (a mix of Dubai and Brent varieties) rose to $66.8 per barrel in the first quarter of 2006-07 from $49.3 per barrel last year. Import payments showed a moderation in the first quarter (23.8 per cent growth) representing mainly a strong base effect, as imports grew by 64.5 per cent in the corresponding quarter last year.

Maintaining the pace of growth in travel earnings, business and professional services, software services and remittances, invisibles (net) rose to $ 12.385 billion from $ 10.048 billion last year. Earnings from software services increased to $ 6.385 billion ($5.103 billion).

Receipts on account of business services were recorded at $4.5 billion against $1.9 billion last year.

Banking capital moved up to $5.079 billion against $782 million and RBI attributes it to a higher inflow under NRI deposits and drawdown of foreign assets of commercial banks.

NRI deposit inflows were up at $1.231 billion against an outflow of $324 million in the last year. Net inflows under external commercial borrowings and foreign direct investment and banking capital also recorded a steady growth. ECBs touched $3.560 billion ($1.091 billion) and FDI touched $1.727 billion ($1.198 billion).

Accretion to foreign exchange reserves at $6.4 billion was higher than $1.2 billion last year. Taking into account the valuation gain of $4.9 billon forex reserves moved up $11.3 billion in April-June 2006 against a drop of $3.1 billion last year.

More Stories on : Economy | Foreign Trade | Forex | RBI & Other Central Banks

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Rainfall figures back to normal

Copyright © 2006, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line