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.