
Brent’s decline below $90 is supporting India’s terms of trade, with portfolio inflows into FAR‑eligible bonds and equities also strengthening, according to Societe Generale’s Kenneth Broux and co-authors.
"USD/INR trades below 94.00 for the first time since April and USD/MXN extends below 18.50 which has more to do with the rebound in stocks than slump in energy prices."
"The decline in Brent below $90/b is bolstering the terms of trade of India but has also been accompanied by a sharp improvement in portfolio flows."

"Together, those factors have helped deflate USD/INR below 94.00 for the first time since April."
(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor. Know more.)