1 Dollar = 100 Indian Rupees in a few years? IMF Prediction on India is scary
The Indian rupee hit a three-week high of 79.16 per USD in the last session of July and was on track to end the week 0.4% higher, as bets for the US Fed tightening cycle softened ahead of an interest rate decision by the Reserve Bank of India next week. Investors see the Indian central bank raising borrowing costs by either 35 or 50 basis points on August 5th. Still, the rupee was just 1% above an historic low of 80.21per USD hit on July 14th, amid persistent foreign fund outflows, dwindling foreign exchange reserves, and fast-widening trade and current account deficits. On a monthly basis, the rupee was heading for a 0.5% decline, the seventh consecutive monthly drop.
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