'Gradualist approach to capital account'

London, June 27: Finance Minister P Chidambaram said on Wednesday that the country would continue its gradual approach to opening up its capital account.

''The gradualist approach will continue with regard to the capital account and while opening up to capital flows,'' Chidambaram said at an investment conference in London.

''India trade openness is already more than many developed countries.'' Big capital inflows into Asia's third largest economy have added to inflationary pressures and complicated monetary policy and currency management by pushing the rupee to nine-month highs against the dollar.

Reuters>