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Nationwide (CAD) narrowed sharply to $ 1.4 billion, accounting for 0.2% of GDP, for the December 2019 quarter (RBI) said on Thursday. The deficit for the same period last year was 2.7%, and the deficit for the previous quarter was 0.9%.

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The central bank said the sharp contraction in deficits was mainly due to a reduction in the trade deficit of $ 4.6 and an increase in net service income.

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The Canadian dollar is an important indicator of the health of the macroeconomy, and it represents the gap between expenditure and the total of foreign exchange received in the economy. The release of the data comes at a time of market panic caused by the coronavirus, which will give investors hope.

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The foreign exchange market closely tracked this gap and released the data the day the rupee-dollar exchange rate fell to a 17-month low of 74.24. In the "Cone-tempered" incident in 2013, One of the reasons the rupee hit a record high.

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During the first nine months of the fiscal year, The Reserve Bank of India says that number has shrunk to 1%.

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Data from the Reserve Bank of India showed that the trade deficit narrowed to US $ 4.6 in the December 2019 quarter, compared with US $ 49.3 billion in the same period last year.

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India's economic growth is likely to slow to a ten-year low of 5% in fiscal 2019-20, largely due to consumption, which also seems to affect imports.

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In terms of services, net income increased to $ 21.9 billion, a slight increase from $ 21.7 in the same period last year. The Reserve Bank of India says revenue has increased due to increased net income from computers, travel and financial services.

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The Reserve Bank of India said this could be seen as a surge in remittances from diasporas, with private transfer revenues rising 9% in the quarter to $ 20.6 billion. Net foreign direct investment in the December 2019 quarter was also higher, at $ 10 billion, compared to $ 7.3 in the same period last year.

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The company said that net inflows of foreign securities investment were $ 7.8 billion, compared with $ 2.1 in net inflows last year due to net purchases from debt and stock markets.

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The Reserve Bank of India said that external business borrowings by Indian companies this quarter rose to $ 3.2 from $ 2 billion in the same period last year.

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The Reserve Bank of India said that in terms of balance of payments, foreign exchange reserves increased by $ 21.6 billion, compared with $ 4.3 in the third quarter.