Strategists from UBS expect the Indian currency to weaken to 77 by the end of the year — more than 5% weaker compared to current levels.
UBS strategists expect the Indian currency to weaken to 77 per dollar by the end of the year — more than 5% weaker than current levels — and depreciate further to 79.5 by September 2022.
British bank HSBC expects the rupee to hold up "relatively well" in a stronger dollar environment as persistent FDI inflows and better foreign-exchange reserves will help the currency withstand external headwinds.Nasir Kachroo | NurPhoto | Getty Imageshas been one of the most stable currencies in Asia-Pacific this year, but its stability is expected to be short-lived, according to UBS.
"We see the year-to-date INR stability as short-lived," UBS said, adding that a retreat in U.S. bond yields lent stability to currencies like the rupee. "First, consistent fund flows was positive for the rupee and second was the [Reserve Bank of India] bought dollars to build its reserves and prepare itself for any volatility," he told CNBC.
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