Stock advisory Company, Rupee unlikely to extend surprise rally; may reverse gains by year-end

The rally in Indian rupee may halt soon and Asia’s best performing currency this year may even see a reversal of all gains through the next quart best-performing portfolio inflows, potential downturn in equities markets and possible correction after the sharp surge, while expected hikes in the US interest rates will likely provide support to the US dollar, experts say.

A Reuters report, citing a poll, said on Wednesday that the rupee is forecast to weaken to 66.23 per dollar in the year, falling by over 3% from its current trading level of 64.22. “The expected losses come despite the Reserve Bank of India having moved to a neutral stance earlier this year from an easing bias,” the Reuters report said. Although, the report added that economists have also suggested (in a separate poll) that the central bank will next likely cut interest rates towards the end of the year.

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