The currency may recover to as strong as 80 per US dollar (RM4.598) as easing crude prices and rising service exports help narrow the nation’s current account deficit.
The currency may recover to as strong as 80 per US dollar as easing crude prices and rising service exports help narrow the nation’s current account deficit, said Aditya Bagree, head of markets for India and South Asia at the bank in Mumbai.
“There are almost 11 months of import cover, and hence from here, the Reserve Bank of India may slow the pace of accumulation.” The rupee hasn’t been alone in weakening versus the greenback. All but two of the 12 Asian currencies tracked by Bloomberg have dropped against the dollar over the past 12 months.
That compares with an expected shortfall of 2.2% for the previous financial year, based on a Bloomberg survey of economists.
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