India to announce steps to narrow current account deficit: Rajan

NEW DELHI | Tue Jul 30, 2013 3:19pm IST

NEW DELHI (Reuters) - India will announce measures to help narrow the current account deficit in the next few weeks, including looking at ways of bringing in foreign investments, Chief Economic Adviser Raghuram Rajan said at a news briefing on Tuesday.

Earlier in the day, the RBI left interest rates unchanged as it supports a battered rupee but said it will roll back recent liquidity tightening measures when stability returns to the currency market.

India posted a record current account deficit of 4.8 percent of gross domestic product in the year ended in March, which has been a key source of weakness in the rupee.

The benchmark 10-year bond yield fell two basis points to 8.12 percent after Rajan's comments.

(Reporting by Rajesh Kumar Singh; Writing by Swati Bhat; Editing by Rafael Nam)

Source: http://in.reuters.com/article/2013/07/30/india-current-account-deficit-idINDEE96T08R20130730?feedType=RSS&feedName=businessNews

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