Brief by Shorts91 Newsdesk / 08:35pm on 03 Jan 2024,Wednesday Business
The Indian rupee is expected to gain value against the U.S. dollar over the next 12 months, according to investment bank Goldman Sachs. This is because more foreign money is likely to flow into India. However, the Reserve Bank of India may try to limit the rupee's rise as it targets to keep building up India's foreign currency reserves. Goldman Sachs believes the rupee could reach 81 rupees per dollar within a year. Equity portfolio flows into India will be "robust" as the Federal Reserve starts its interest rate easing cycle in 2024, while debt inflows will be strong following India's inclusion in JPMorgan's global bond indexes, Goldman Sachs added. On Tuesday, the rupee was 83.3 per dollar, after barely losing value last year.
