Rupee to hover around 75/dollar; crude basket at $35/barrel in FY21: RBI

The developments comes as rupee recovered from record low levels to settle 6 paise higher at 76.28 against the US dollar

The Reserve Bank on Thursday said that it expects the value of the rupee to hover around Rs 75 to a dollar and Indian crude basket to about $35 per barrel during 2020-21.

The rupee came under intensified and sustained depreciation pressures from mid-January, reflecting a generalised weakening of emerging market currencies amid flights to safety, RBI said in its Monetary Policy Report released during the day.

Taking into account the sizable two-way movements in the nominal exchange rate during October-December 2019, RBI expects the value of Indian rupee to be around Rs 75 to a dollar. The nominal exchange