Published: Sat, September 16, 2017
Markets | By Noel Gibbs

Turkey's current account deficit widens in July

Turkey's current account deficit widens in July

India's exports grew by 10.29 percent on a yearly basis to United States dollars 23.81 billion in August on account of rise in shipments of engineering, petroleum, chemicals and pharmaceuticals products, official data released on Friday showed.

"The widening of the CAD on a year-on-year basis was primarily on account of a higher trade deficit, which was at $41.2 billion brought about by a larger increase in merchandise imports relative to exports", the RBI said.

India's exports recorded a double digit growth of 10.29 per cent after a gap of three months to $23.81 billion in August, mainly on account of rise in shipments of chemicals, petroleum and engineering products, Government data showed on Friday.

Chainsaw-Wielding Nun Cleaning Up After Hurricane
Sister Ann says that "I don't see myself as the important one" and that "I had the chainsaw, and I was able to help out. Via FaceTime, she has been talking to them, easing the concerns of her community in Los Angeles, she said.

Oil imports during April-August 2017-18 were valued at $38.78 billion, which was 18.89 per cent higher than oil imports of $32.62 billion in the corresponding period previous year.

Experts were, however, not surprised by the jump in CAD. Commenting on the data, Federation of Indian Export Organisations (FIEO) President Ganesh Gupta said while the August figures are encouraging, "I am anxious about future growth as order booking position from October onwards is not good in view of increasing global uncertainties, rupee volatility and challenges at the domestic front". "The spike in gold imports prior to the introduction of GST was responsible for half of this uptick".

Travel items, which constitute a major part of the services account, recorded a net inflow of $2.3 billion in July, increasing by $652 million compared to the same month of 2016, the bank added.

RMB pulled from China's bitcoin exchanges, start-up platform ViaBTC closes
The cost of the bitcoin declined to 26,400 Yuan (almost to $4,029) on BTC China this week compared to 32,500 Yuan of last week. Digital currencies developed by authorities could be used for good with the right regulation, Li said .

India's capital surplus, which includes foreign direct investment and portfolio inflows, stood at $25.4 billion compared with a $7.18 billion surplus a year ago.

Meanwhile, the forex reserves surged by $2.604 billion to reach an all-time high of $400.726 billion in the week ended September 8 on account of rise in foreign currency assets.

Mostly cloudy with a few showers
Sunday , there will be a 50 percent chance of showers and storms before 1 p.m., with a high near 82, the weather service said. Shower and storms chances increase Saturday afternoon as weak high pressure moves out of the area.

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