Heavy selling by foreign funds results in BOP deficit

Net transfers (comprising largely of worker remittances) led the improvement, rising by $6.6 billion to $16 billion from $9.4 billion, reflecting higher remittance inflows in the wake of the West Asia conflict and rupee depreciation. The services surplus also increased by $2.7 billion to $18.6 billion, supported by a rise in exports from $32.8 billion to $37 billion. The primary income deficit narrowed by $1.1 billion to $1.9 billion.