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Inflation, Rupee to be Adversely Impacted by Increasing Crude Prices, Says Report
April 25, 2019
With the US imposing sanctions on Iranian crude exports, India’s currency, inflation, and current account deficit (CAD) can be massively impacted, a new report by Care ratings said.
The report said that India is the third-largest crude customer of Iran as it fulfills at least 10% of its demands and that it will need to find an alternative supplier that can offer competitive rates in a short period which can be a challenge.
The rating agency said that a 10% increase in crude prices can cause 0.40% CAD widening which can push inflation by 0.24% and cause 3-4% rupee depreciation.
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