According to @simplykashif, the RBI Governor said crypto and stablecoins are a huge risk, and the central bank is taking a very cautious stance on private digital assets, signaling elevated policy risk for private tokens and stablecoins in India for traders to monitor, source: @simplykashif. Government economists warned that dollar stablecoins could impact global monetary policy, highlighting macro-policy concerns that can weigh on cross-border stablecoin usage, source: @simplykashif. The RBI prefers a CBDC over private stablecoins or cryptocurrencies, while the final decision on crypto rules will be taken by the government, a key regulatory overhang for market participants awaiting clarity, source: @simplykashif.

According to @CNBC, India’s October goods trade deficit hit an all-time high and beat forecasts as gold imports jumped about 200% year over year, source: CNBC. The Reserve Bank of India notes that a wider goods deficit typically pressures the rupee by widening the current account and lifting dollar demand, source: Reserve Bank of India Annual Report and External Sector assessments. For traders, this backdrop directs focus to USDINR spot and forwards, onshore dollar liquidity, and Indian government bond yields as standard transmission channels, source: Reserve Bank of India Financial Stability Report. Chainalysis identifies India as a top global crypto market by adoption, implying INR volatility can influence INR-quoted BTC and ETH pricing and liquidity, source: Chainalysis 2023 Geography of Cryptocurrency Report. Kaiko research documents periods of positive correlation between BTC and gold, making gold-demand signals relevant for BTC-gold relative value strategies, source: Kaiko Research.