USD/INR has held within a narrow 3% range since the start of the year, between 80.50 and 83.50. Economists at Commerzbank analyze the pair’s outlook.
USD/INR to hold steady at around 83.00 by year-end
We project USD/INR to hold steady at around 83.00 by year-end. The main risk factor will be even higher Oil prices which weigh on INR given that India is a major Oil importer.
We could see the pair heading higher towards 84.00 by mid-2024 before easing back to 83.50 by end-2024.
Source: https://www.fxstreet.com/news/usd-inr-to-head-higher-towards-8400-by-mid-2024-before-easing-back-to-8350-by-end-2024-commerzbank-202311150722