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The Indian rupee remained stable in 2023 due to the narrowing current account deficit and strong economic fundamentals. The rupee's performance was positive, and its strength is attributed to sound economic fundamentals and the moderation of the current account deficit.
Economists are lowering their forecasts for India’s current-account shortfall, thanks to favorable trade trends that are proving to be a blessing for the rupee — currently among the worst performers in emerging Asia.
The current account gap and inflation could rise but RBI can use its reserves to cushion the impact
The current account deficit stood at $13.4 billion or 1.5% of GDP in the fourth quarter of fiscal year 2021/22, compared with $22.2 billion or 2.6% of GDP in the preceding October-December quarter.
Kenya’s current account deficit in the year through January widened to a three-year high on rising petroleum products costs which pushed up import bill.