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In a transformer, exciting current is made up of two components namely magnetizing current Im and core loss current Ic, with negligible leakage impedance drop (V is supply voltage)
Both Im and Ic lag supply voltage V by $$90^\circ$$
Both Im and Ic are in phase with V
$$I_M$$ lags V by $$90^\circ$$ whereas $$I_c$$ is in phase with V
$$I_M$$ is in phase with V but $$I_c$$ lags V by $$90^\circ$$
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