Rupee set to rebound from near record low

FILE PHOTO: A police officer walks past the Reserve Bank of India (RBI) logo inside its headquarters in Mumbai, India, April 6, 2023. REUTERS/Francis Mascarenhas/File Photo

NEW DELHI: India’s rupee is set to bounce back from near an all-time low as the central bank slows its dollar purchases, according to Citigroup Inc.

The currency may recover to as strong as 80 per US dollar (RM4.598) as easing crude prices and rising service exports help narrow the nation’s current account deficit, said Aditya Bagree, head of markets for India and South Asia at the bank in Mumbai.