
India’s terms of trade are benefiting from Brent’s fall below $90, alongside stronger portfolio inflows into FAR‑eligible bonds and equities, 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."
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