What is 'Current Account'

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• India's current account deficit to remain manageable in FY25, Rupee to remain in pressure: Bank of BarodaBank of Baroda predicts India's current account deficit will remain manageable in FY25 and FY26 due to stable oil prices. However, a widening trade deficit, driven by increased oil and gold imports, poses a challenge. Despite export growth, the rupee is expected to weaken due to a strong dollar and capital outflows.
• IMF's $7 billion bailout sends Pakistan stocks to new peak of 82,905.73Pakistan's benchmark share index hit a life-time high in opening trade on Thursday, hours after the International Monetary Fund's board approved a long-awaited $7 billion bailout deal for the struggling economy.
• Gold imports doubled to record high of USD 10.06 bn in AugustGold imports more than doubled in August to a record high of USD 10.06 billion, mainly on account of a drastic cut in customs duty and ongoing festive demand, according to the Commerce Ministry data. Gold imports stood at USD 4.93 billion in August 2023.
• There is more to banking than SBI and HDFC Bank: 7 bank stocks which are a kind of hybrid of PSU and Private banksIn the last few days, there has been a debate about PSU and private banks. A debate which partially has been ignited by the fact that in the last few trading sessions both the PSU and private banks have come under pressure. There is a third set of banks which once again not finding much mention on the street. But the fact is that over the last few years, they have been improving their performance. The reason for the improvement is simple, when RBI makes a change in law, it applies equally to all, whether it is HDFC banks or SBI or a bank which is neither private nor public and is some sort of hybrid. So, these lesser talked ones are a set which come with their own shortcoming and strength.
• FY25 gold bond float target cut by 38%Net issuances of the sovereign gold bonds (after factoring in redemption) are now pegged at ?15,000 crore in this fiscal, against ?26,138 crore in the interim budget and ?25,352 crore in 2023-24 (revised estimate). Harish Galipelli, director at ILA Commodities India, said a growing number of retail investors are now parking their investible surplus in equities, anticipating better returns.
• FY25 gold bond float target cut by 38%Net issuances of the sovereign gold bonds (after factoring in redemption) are now pegged at ?15,000 crore in this fiscal, against ?26,138 crore in the interim budget and ?25,352 crore in 2023-24 (revised estimate). Harish Galipelli, director at ILA Commodities India, said a growing number of retail investors are now parking their investible surplus in equities, anticipating better returns.
• Can gold ETFs reduce Current Account Deficit?India imported gold worth over US$ 46 billion in the last financial year. Most of the physical gold imported into the country is converted into jewelry. Gold jewelry is often bought at festivals or joyful occasions. While at the time of buying, no one thinks about selling or mortgaging it anytime in the future; however, with gold, there is always a comfort that, if needed, gold in any form can be converted into cash.
• Rupee ends marginally up on inflow expectations from index-bound bondsThe Indian rupee ended marginally higher on Tuesday on expectations of foreign inflows into domestic debt that will be included in a global index later this week.
• CAD in surplus in March quarter after four yearsIndia's current account turned into a surplus in the quarter ended March 2024, marking the first surplus in four years. This change was driven by a moderation in the trade deficit, higher services income, and increased remittances from overseas Indians.
• India’s exports declined 0.7% in March; trade deficit at an 11-month lowFor the full year, the trade deficit, at $240 billion, was 9.3% lower than the previous year. Exports tumbled 3.1%, as geopolitical tensions continued to plague trade. Imports during this period were down 5.4% from FY23.