India's current account deficit narrowed to $10.5 billion or 1.2% of GDP in the October-December quarter from $11.4 billion in the previous quarter, said the Reserve Bank of India (RBI).

• The current account deficit, or CAD, stood at $16.8 billion or 2% of GDP in the year-ago quarter.
• Services exports and transfers saw an improvement in the third quarter.
• This has offset the widening of trade balance between second and third quarters, and led to the narrowing of the current account deficit.