mumbai aug 24 reuters  elevated commodity prices could widen indias current account deficit keeping the rupee under pressure until more sustainable capital flows can fill the gap bofa securities said in a note on wednesday india has continued to post wide trade deficits due to higher prices of oil and other commodities which have eroded inrs basic balance buffer the research house said higher oil price and other commodity prices are materially impacting the fundamental outlook for rupee amid increased risks of populist measures it said multiple measures from the indian government and the reserve bank of india rbi to reduce demand for the dollar and improve supply to the tune of over 40 billion across spot and forwards will likely stabilize rupee briefly it said sustained support from rbi would be needed to maintain a gradual pace of rupee depreciation the support could be in the form of further intervention or tightening of monetary conditions for longer term external rebalancing riskreward on rupee remains skewed for further depreciation bofa said recommending hedging long rupee exposure despite the high costs