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Citigroup said on May 29, 2023, that the rupee could rebound toward 80 per dollar as the RBI slows its dollar purchases and easing crude prices narrow India's current-account deficit. The rupee was trading at 82.57 per dollar, less than 1% from its all-time low of 83.2912.
Citi cited about 11 months of import cover.
A stronger rupee would lower the local cost of imported feed inputs and crude-linked costs in India. The forecast is a bank outlook rather than a new event, so its market impact is modest.
yibn.comMay 29, 2023Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
