Most Bullish Forecaster Sees Indian Rupee At 67 On Modi Return
The rupee rallied the most since December on Monday as stocks hit a record high after exit polls signaled Modi's return to power for a second term
Prime Minister Narendra Modi
India’s rupee is likely to outperform Asian peers to reach its highest level in a year as the prospect of Prime Minister Narendra Modi securing a second term lure more foreign inflows, the most bullish forecaster for the currency said.
The rupee may strengthen to 67 per dollar by end-June, a level last seen in the same month last year, said Qi Gao, a currency strategist at Scotiabank in Singapore. That compares with a median forecast of 70.13 in a Bloomberg survey. Another rate cut by the Reserve Bank of India in its June policy, will also help boost local equities and bonds, said Gao.
The rupee rallied the most since December on Monday as stocks hit a record high after exit polls signaled Modi’s return to power for a second term. Actual results will be known on Thursday, when the votes are counted. The rupee was little changed Tuesday at 69.77 per dollar.
Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.
Emicool Secures First-ever Green Financing To Boost Sustainable Growth
The liquidity generated will be strategically deployed to accelerate the company’s district cooling projects across t... Read more
UAEs Ruya Becomes First Global Islamic Bank To Offer Shariah-compliant Crypto Trading
Digital Islamic bank ruya teams up with Fuze to offer secure, ethical crypto investments aligned with Islamic financial... Read more
Startups In Abu Dhabis Hub71 Secured $2.17bn In Funding Last Year
Hub71 startups in Abu Dhabi saw massive increase in funding in 2024 as innovation economy thrives Read more
UAE Fintech Pay10 First To Launch On Central Banks Open Finance Framework
The company has acknowledged the Central Bank of the UAE's crucial role in facilitating a responsible and secure rollou... Read more
PayPal Expands In MEA Region With Its Newly Launched Hub In Dubai
Will serve 80 countries in Middle East and Africa from its Dubai Internet City hub; Has signed several deals with regio... Read more
New Board Certifies DMCC Tradeflow As Fully Shariah Compliant
Shariah Supervisory Board appointed to oversee Tradeflow’s Islamic finance offering; Certified fully-compliant with A... Read more