BusinessTantraBlogIndian GovernmentIndia's Rupee (INR USD) Set to Weaken Beyond 80 per Dollar, Bank of America Says
India's Rupee (INR USD) Set to Weaken Beyond 80 per Dollar, Bank of America Says
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India’s rupee may extend declines to a record-low 81 per dollar by year-end due to rising prices of crude and other raw materials, according to Bank of America.
The currency has already slumped more than 5% this year as Russia’s invasion of Ukraine sent Brent crude surging to almost $140 a barrel in March. The rally in energy prices has worsened India’s external finances as the nation relies on imports to meet about 80% of its oil requirements.
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