Rupee may slide to 102 against US dollar by December 2027, 106 by 2028
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- ✓The Indian rupee could weaken to 102 against the US dollar by December 2027 and 106 by 2028, according to Axis Bank Research.
- ✓The report said structural pressures and capital outflows will keep the currency under pressure.
- ✓Even with recent gains, the bank expects the rupee to stay weak long-term.
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- MARKET
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- Market Focus
- India Economy
The Indian rupee could weaken to 100–102 against the US dollar by December 2027 and further depreciate to 104–106 by December 2028, according to Axis Bank Research. The projections suggest that the currency's recent recovery may offer only temporary relief, with structural external-sector pressures, capital outflows and the need to rebuild foreign exchange reserves likely to keep the rupee under pressure.
In its November 3 report, The Middle (Kingdom) Path, Axis Bank Research maintained its earlier currency forecasts, projecting USD/INR at 97–99 by March 2027 and 98–100 by June 2027.
The report suggests that the rupee may need to weaken another 5–10% to reach its estimated fair value, despite its real effective exchange rate declining to levels last seen before 2014.
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