Rupee expected to weaken more to touch $83.5, may improve in Sept
The Indian rupee, which has depreciated 1.1 per cent so far in August, is expected to decline further on the back of a strengthening US dollar and a weakening Chinese yuan, according to a Business Standard poll of analysts.
The Indian rupee hit an all-time low last week, closing at 83.15 per dollar on Thursday.
Five of the 10 respondents said the Indian currency might touch 83.5 per dollar in August itself, while others said the worst could be over. The rupee closed at 83.11 on Friday.
“We don’t think any further depreciation will be there. Maximum, it can go up to 83.25 a dollar. From next month, it will improve and should stabilise around 82.80 per US dollar,” said Arun Bansal, executive director and head of treasury at IDBI Bank.
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