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Most bullish forecaster sees Indian rupee at 67 on Modi return

Rupee may strengthen to 67 per dollar by end-June, a level last seen in the same month last year, said Qi Gao.

Bloomberg|
Updated: May 21, 2019, 03.59 PM IST
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By Ragini Saxena

India’s rupee is likely to outperform Asian peers to reach its highest level in a year as the prospect of Prime Minister Narendra Modi securing a second term lure more foreign inflows, the most bullish forecaster for the currency said.

The rupee may strengthen to 67 per dollar by end-June, a level last seen in the same month last year, said Qi Gao, a currency strategist at Scotiabank in Singapore. That compares with a median forecast of 70.13 in a Bloomberg survey. Another rate cut by the Reserve Bank of India in its June policy, will also help boost local equities and bonds, said Gao.

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The rupee rallied the most since December on Monday as stocks hit a record high after exit polls signaled Modi’s return to power for a second term. Actual results will be known on Thursday, when the votes are counted. The rupee was little changed Tuesday at 69.77 per dollar.

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