MUMBAI, Dec 16 Reuters The fall in commodity prices could help narrow India39;s trade deficit in the coming months, aiding the rupee, analysts said on Friday.

India39;s trade deficit narrowed to 23.9 billion in November from 26.9 billion in the previous month, data released on Thursday showed. It was the lowest trade deficit reading since May.

On a monthonmonth basis, exports expanded by 7.4 in November, while imports retreated 1.4, helping narrow the trade deficit, Barclays Bank said in a note.

The fall in imports remains a key emerging trend, Rahul Bajoria, chief India economist at Barclays Bank, wrote in the note.

Imports fell to their lowest level in 10 months in November, on lower international commodity prices and weaker domestic demand, Bajoria said.

We expect this trend to continue and any further decline in commodity prices will only help in a faster consolidation of imports, providing more support to the exchange rate.

Lower commodity prices, especially oil, bode well for India39;s import bill, reducing the burden on trade deficit, said Swati Arora, economist at HDFC Bank.

This will eventually be positive for the rupee.

HDFC Bank expects USDINR in 81.5083.00 range by March. The USDINR is already at the top end of that range at 82.78.

India39;s currentaccount funding needs are large, but the balance of payment gap is getting smaller, Barclays39; Bajoria said.

With Indias growth expected to ease to 6.0 in fiscal year 202324 from an estimated 7.0…