India's demand-side push could build USD 37.8 billion forex shield as high oil prices threaten fiscal stab
- Posted on May 17, 2026
- By Business News Today
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- 1 min read
India's demand-side push could build USD 37.8 billion forex shield as high oil prices threaten fiscal stab
With crude prices likely to stay above USD 100 per barrel for the rest of 2026 and the rupee under pressure near INR 95/USD, Brickwork Ratings says Prime Minister Modi's seven behavioural appeals could provide India with a USD 37.8 billion forex buffer this fiscal year. The report argues that voluntary demand reduction across fuel, gold and fertilizers may offer the government fiscal breathing room at a time when its ability to absorb oil price pass-through is thinning.
