RBI intervention to keep Indian rupee in a tight range, analysts say: Reuters poll

The Indian rupee will trade in a narrow range over the coming three months and then strengthen slightly in a year as the Reserve Bank of India uses its vast foreign exchange reserves to keep the currency stable, a Reuters poll found.

After falling over 10% in 2022, the rupee has gained just 0.2% so far this year and is unlikely to recoup those losses anytime soon, despite India retaining its title as the world's fastest-growing large economy.

Forecasts for the three-month period ranged from 80.67/dollar to 83.80/dollar, only slightly wider than the 80.88 to 82.95 range seen so far this year. "If you look at the rupee, it has been exceptionally stable, far more stable than most other regional currencies, and that to me looks like there is a fair bit of intervention happening."

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