Watch! Devarsh Vakil shares key insights on crude oil prices amid West Asia crisis | US-Iran conflict

Jul 27, 2026

July 27, 2026: ANI: New Delhi: Head of Prime Research at HDFC Securities Devarsh Vakil on July 27 shared key insights on crude oil prices, speaking to ANI, he said, "FCNR(B) deposits are part of the capital account, designed to help fund the overall balance of payments deficit. These deposits cannot directly alter or shield the current account deficit itself, which represents the gap between imports and exports. Because of higher oil prices, import costs rise, leading to a larger current account deficit, which in turn requires capital inflows to bridge the payment gap. The current account deficit is likely to come in higher than originally expected due to the recent flare-up in crude oil prices, which briefly pushed past $100 per barrel before cooling off slightly…the government and regulatory authorities will look to make the scheme more attractive to attract the necessary capital inflows to support the balance of payments.”