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Dollar heading towards Rs44 by the end of the year?

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As the USD traded at Rs42.95 on July 6 after hitting an all-time high (Rs43) a few days earlier, experts fear “we are far from reaching the end of the tunnel.”

A week ago, the Bank of Mauritius (BoM) had reportedly engaged in a “brutal and massive” depreciation of the rupee by imposing an exchange rate of Rs 42.50 for the dollar. 

Performance of the Rupee over the last 10 years

The euro was selling at Rs 51.47 while the British pound was trading at Rs 60.40.

The move was said to have caused a stir on the foreign exchange market, with experts explaining that the BoM “relied on this transaction to recapitalize itself after criticisms from the International Monetary Fund.”

Dollar vs Rupee

Macro models and analysts predict the US dollar could trade at Rs 43.29 by the end of this quarter. “Looking forward, we estimate it could even trade at Rs 44.31 in 12 months time.” 

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