Country's Current Account Deficit has sharply narrowed to 1.7 per cent of GDP in the financial year 2014 from 4.7 per cent in the financial year, 2013. The Reserve Bank of India said, contraction in the trade deficit, coupled with a rise in net invisibles' receipts, resulted in a reduction of the current account deficit to 32.4 billion US dollar from 87.8 billion US dollar. For the fourth quarter ended March 2014,Current Account Deficit , a measure of the inflow and outflow of foreign currency, stood at 1.2 billion US dollar as against 18.1 billion US dollar in the same period previous fiscal. On trade deficit front, RBI said the recovery in exports and the import moderation led to a sharp recovery in the gap to 147.6 billion US dollar in this financial year as against the USD 195.7 billion in the last year.