Drawdown on foreign reserves to fund CAD

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Drawdown on foreign reserves. (AP) Drawdown on foreign reserves. (AP)
SummaryDeficit forecast could be narrowed to below $70 billion this fiscal year.

The economic adviser to India's Prime Minister said on Friday there will be a draw down on foreign exchange reserves to fund a wide current account deficit, but forecast the deficit could narrow to below $70 billion this fiscal year.

C. Rangarajan said that if current trends of imports and exports continued that would help the deficit, and predicted the rupee could recover from current levels of 63.8 against the dollar as capital inflows improve.

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