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India's current-account deficit narrows sharply

India's current account deficit was almost wiped out in the last quarter as restrictions on gold imports and subdued demand for capital goods helped narrow the trade gap.

The current account deficit thinned to $1.2 billion, or 0.2% of gross domestic product, in the three months ended March, the Reserve Bank of India said Monday. That is sharply lower than the $18.1 billion deficit a year earlier.