UPDATE 1-India's record trade deficit in June adds pressure on currency [Reuters]
Moody's Corporation (MCO)
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Source: Reuters
war, and rising demand for coal and other goods fuelled by the domestic economic recovery. India's rupee has plunged 6% against the dollar this year, weighed down by broad strength in the greenback and as investors retreated from domestic share markets. June's merchandise trade deficit was the highest ever, according to private economists. In the first quarter of the current fiscal year ending June, the merchandise trade deficit more than doubled to $70.25 billion from $31.42 billion during a year ago period, preliminary trade data released by the Ministry of Commerce and Industry on Monday showed. Aditi Nayar, chief economist at ICRA, the Indian arm of ratings agency Moody's, said, after an uptick in the trade deficit, the current account deficit was likely to more than double to $30 billion during April-June quarter, from $13 billion in previous quarter. “We expect merchandise trade deficit to remain in excess of $20 billion in the remainder of 2022,” she said. However,
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MCO
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MCO
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