July trade deficit widens to 5-year high of $18 billion
India's trade deficit widened to a more than five-year high of $18.02 billion in July driven by a higher oil import bill. Inbound shipments of oil in July were at $12.35 billion, an increase of 57.4% from a year ago. Every rupee change in the exchange rate against the dollar impacts India's oil import bill by â¹10,880 crore ($1.55 billion).