Reuters
No respite ahead for India’s rupee, one in three expect 80 per dollar soon -Reuters poll
India’s rupee will trade near its historic low in three months, battered by widening trade and current account deficits, according to a Reuters poll where nearly one in three analysts expected it to weaken to 80 per dollar by September. A global stampede into safe-haven U.S. dollars on rising global recession risks pushed the Indian rupee to a record low of 79.40 against the greenback on Tuesday. Although the Reserve Bank of India’s intermittent dollar selling helped limit losses, higher global crude oil prices and steady capital outflows have widened its current account deficit which in turn has dragged down the rupee.
