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ING Bank NV has lowered its year-end rupee forecast just as the currency is staging a rebound.
Rising oil prices and political uncertainty ahead of state elections will see Asia’s worst-performing currency resume losses, according to Prakash Sakpal, an economist at ING in Singapore, whose estimate of 76.50 per dollar is the most bearish in a Bloomberg survey. The forecast signals a drop of more than 4 per cent over the rupee’s close Friday and compares with a survey median of 72.88.
Rising oil prices and political uncertainty ahead of state elections will see Asia’s worst-performing currency resume losses, according to Prakash Sakpal, an economist at ING in Singapore, whose estimate of 76.50 per dollar is the most bearish in a Bloomberg survey. The forecast signals a drop of more than 4 per cent over the rupee’s close Friday and compares with a survey median of 72.88.
The rupee “is highly correlated with oil prices, which are definitely moving higher, and that’s going to
