# Citigroup Says Rupee Is Set to Rebound From Near Record Low

> 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.

- Date: 2023-05-29 · published 2023-05-29T12:00:00.000Z
- Category: macro · region India · magnitude low
- Page: https://feedsoft.ai/events/36229-citigroup-says-rupee-is-set-to-rebound-from-near-record-low
- Commodities: [Indian Rupee (INR per USD)](https://feedsoft.ai/c/USDINR.md)

## Why it matters

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.

## Read by commodity

- USDINR: bearish ▼

## Sources

- yibn.com: https://yibn.com/citigroup-says-rupee-is-set-to-rebound-from-near-record-low

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.