"In the near term, that pressure on the rupee will remain. "The paring of the Fed rate cut bets from the end of the year and the debate about whether the June hike is live or not are contributing to the resurgent strength of the dollar, which is weighing on the rupee," said Dhiraj Nim, FX strategist at ANZ.
Those predictions, which were slightly weaker than in May, were driven by expectations the Fed will pause its rate-hiking campaign at its next meeting on June 14. It was forecast to gain about 1% to 82.00/dollar by end-November and nearly 2% to 81.09/dollar in a year. Median forecasts showed the rupee will trade at 82.33/dollar and 82.25/dollar by end-June and end-August respectively from about 82.53/dollar on Wednesday. The rupee's implied volatility, already at its lowest since 2008, was likely to continue for at least another three months and the dollar was expected to remain strong, according to the June 2-7 poll of 35 foreign exchange strategists. dollar over the next three months, close to its historic low, but any hawkish moves from the Federal Reserve on rates could send it sliding, a Reuters poll of analysts found.Īfter a 10% decline in 2022, the rupee has traded within its narrowest range in nearly two decades this year, as the Reserve Bank of India has regularly intervened to shelter the currency from big swings. BENGALURU, June 8 (Reuters) - The Indian rupee will trade in a tight range against the U.S.
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