Oil is an important factor driving India’s current account balance, while it also affect its fiscal position, according to Frances Cheung, Head of Macro Strategy Asia at Westpac. Key Quotes “A USD10 increase in oil prices translates into a net USD13bn (via trade) deduction from the C/A for India in a year. This compares with a C/A deficit of USD49.5bn in the four quarters to Q2-2018 calendar year. This assumes prices rise uniformly across products, and does not take into account offsetting items such as remittances on the C/A.” “In the run-up to the OPEC meeting on 6 December with uncertainty surrounding a potential production cut, USD/INR is likely to consolidate.” “The RBI is likely to stay put on rates (5 December) with inflation contained.” FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next EUR/USD comes under pressure and drops to 1.1350 FX Street 4 years Oil is an important factor driving India's current account balance, while it also affect its fiscal position, according to Frances Cheung, Head of Macro Strategy Asia at Westpac. Key Quotes "A USD10 increase in oil prices translates into a net USD13bn (via trade) deduction from the C/A for India in a year. This compares with a C/A deficit of USD49.5bn in the four quarters to Q2-2018 calendar year. This assumes prices rise uniformly across products, and does not take into account offsetting items such as remittances on the C/A." "In the run-up to the OPEC meeting on 6 December with… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
