The commentary around US’ sanctions on Iran, which have made it quite difficult for India to import cheaper oil, will likely impact key domestic macro-economic indicators, Kotak Institutional Equities said in a report.
India imported 4.3 million barrels of crude oil per day in June, of which 680,000 barrels per day came from Iran.
The research firm said that even a change of $10 per barrel in the price of crude oil could result in
Impact of 50 basis points on CAD/GDP
Impact of 30 basis points on inflation
Modest impact on GFD through higher subsidies on kerosene and LPG
For the equity market, the nature of sanctions on oil exports from Iran will be the biggest short-term variable. Read More
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