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Credit rating agency Acuite Ratings and Research has revised downward Indias current account deficit to $106 billion in FY23.

In a report released on Monday, Acuite Ratings said it is revising the forecast for the current account deficit to $106 billin from the earlier levels of $130 billion.

The Balance of Payment (BoP) deficit is estimated at $38 billion down from $60 billion estimated earlier, Acuite Ratings said.

According to the rating agency, the moderation in the monthly trade deficit and the softening of crude oil prices till now in Q3FY23 has made it to revise its earlier forecast as to current account deficit and BoP.