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USD/INR likely to trade around 68 by end-2017, says Scotiabank

The Indian rupee is underpinned by rebounding investor confidence toward India and consequent inflows of portfolio investment that show a prudent Union Budget for fiscal year 2017-2018, a neutral monetary policy stance taken by the Reserve Bank of India and investor expectations for additional structural reforms.

The Indian rupee, accordingly has performed better than most of its regional peers so far in 2017. However, developments in the U.S. and changes in global investor risk appetite will continue to affect the INR’s value given the fairly large foreign holdings of Indian equities, noted Scotiabank in a research report.

“We expect USD/INR to close 2017 at 68”, added Scotiabank.

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