............The RBI data revealed CAD has narrowed to 3.6 per cent of gross domestic product in January-March quarter from 6.7 per cent in the December quarter. The rupee, which has been under pressure due to high CAD, recovered 51 paise to close at 60.19 to a dollar. “We do certainly believe that the market is overreacting. And this is evident from the fact that it overreacted by anticipating a much higher CAD for the entire last year,” the ministry said in a statement to reporters.........
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