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Anand Rathi Report
The record high Q1 FY21 current account surplus mainly reflects a sharp fall in imports coupled with the strong resilience of software and the modest strength of goods exports.
Capital flows, on the other hand, did poorly. While the goods trade deficit is likely to widen, continuing low oil prices would keep the gap from widening.
This, and the software strength and turnaround in foreign direct investment and portfolio flows, is likely to strengthen the rupee.
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