Indian rupee to trade near record lows despite surging growth
BENGALURU - The Indian rupee will trade near record lows against the dollar over the coming months, according to a Reuters poll of FX strategists who also said the Reserve Bank of India would likely intervene less in the coming year to support the currency.
Although the recent decline in U.S. Treasury yields and weaker-than-expected U.S. economic data took some of the strength out of the dollar, the rupee was not expected to benefit much yet. "We're not expecting it to rally as strongly as some of the other currencies that would be more freely-floating... because it's already stronger than perhaps fundamentally it would have been," said Robert Carnell, regional head of research, Asia Pacific at ING.
Last month, RBI Governor Shaktikanta Das defended the regular use of its $586 billion in foreign exchange reserves saying it was necessary to prevent excessive volatility. The central bank sold about $23 billion in the last four months.
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