India's balance of payments is likely to slip into a USD 45-50 billion deficit in the current fiscal year, according to an internal assessment by the finance ministry.
This order of forex outflow may keep the rupee under pressure. However, the Centre is confident the deficit can be managed comfortably with foreign exchange reserves at a healthy USD 531 billion.
According to a report published in the Economic Times, the Balance of Payments (BOP) summarises all the transactions of an economy with the rest of the world across two broad heads- current account and capital account. It stood at a surplus of USD 47.5 billion in FY 2022.
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