Brief by Shorts91 Newsdesk / 11:44am on 09 Nov 2023,Thursday Business
The Indian rupee is forecast to trade near recent record lows against the dollar over the next few months according to a Reuters poll of strategists. Despite India's fast economic growth, the rupee hit 83.29/$ this month. Thanks to RBI dollar interventions, the rupee has fared better than Asian peers, only down 0.6% this year. However, analysts don't expect significant gains yet. Over 30% still expect new lows by January. The rupee is seen recovering slightly to 82.50/$ in 6 months and 82.00/$ in a year as major central banks end tightening. With reversed capital flows next year, RBI intervention is expected to decrease after $23 billion spent in 4 months defending the rupee.
