New Delhi, June 15 -- Goldman Sachs has turned more constructive on India's external sector outlook, saying the country's balance of payments (BoP) position remains stronger than suggested by the recent weakness in the rupee and projecting a BoP surplus in 2026 after two consecutive years of deficits.

In its latest report, "India: A More Favourable Balance of Payments Outlook", Goldman Sachs said, "The INR's recent weakness appears larger than what balance of payments (BoP) fundamentals would suggest."

The report noted that despite concerns over softer capital inflows and higher energy prices, India posted a BoP surplus of USD 7.2 billion in the first quarter of calendar year 2026. According to Goldman Sachs, "India posted a current acc...