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Rupee expected to remain under pressure in 2023: Economists

Mumbai, November 24 (Language) Economists believe that the rupee may remain under pressure next year and it may even go up to the level of 85 per dollar against the American currency. The rise in crude oil prices and supply chain disruptions following Russia’s invasion of Ukraine in late February this year has put a lot of pressure on the domestic currency.

The rupee had hit an all-time low of 83 per dealer against the US currency on October 19. At the same time, the rupee climbed 23 to close at 81.70 per dollar on Thursday.

During a discussion at the State Bank of India (SBI) Banking and Economic Conference, several economists said that the rupee will remain under pressure in view of the widening current account deficit, which is estimated to be four per cent of the GDP in this financial year.

According to economists, foreign exchange earnings are also under pressure following a decline in exports since last month. The rupee is expected to trade between a high of 82 and a low of 85 in 2023.

Deepak Mishra, chief executive officer (CEO) of economic research institute ICRIER, and Sajid Chinoy, chief economist, JP Morgan India, have forecast a low of 85 and a high of 83 for the rupee next year.

SBI’s Group Chief Economic Advisor Soumya Kanti Ghosh has given the most positive forecast for the rupee in the range of 80 to 82 against the dollar. This estimate is the current level of rupee and dollar.

Apart from this, Ashima Goyal, a member of the Monetary Policy Committee of the Reserve Bank of India (RBI), said that the rupee may start performing better in the second half of next year.

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