The rupee is expected to reach the previous level of Koro by next March

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Mumbai, Ta. 12 November 2020, Thursday

The Indian rupee is expected to return to its previous level by March next year. Nomura's view comes in light of the Reserve Bank's ability to withstand the occasional surplus in the current account and the strength of the rupee.

The rupee is expected to recover to Rs 5 per dollar by the end of March. This level was observed in February of the current year. For the first time since 2009, the country is witnessing a current account surplus due to low crude oil prices and weak demand for crude oil.

Signs of economic recovery are also supporting the rupee's recovery. The country's manufacturing activity was at a decade-high in October and FDI growth from April to August was 18 per cent year-on-year.

However, unlike Nomura, ICICI Bank expects the rupee to touch Rs 5 per dollar by the end of March.


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