Why rupee is unlikely to hit 60 levels against the US dollar

UBS expects the rupee to remain range-bound between 62-66 levels over the next few months

Though the rupee saw its sharpest fall in a day since July 3 of 24 paise to hit 64.08 against the US dollar (USD) on Thursday, the Indian unit is in no hurry to breach 60 levels in the near term, suggests the latest report by Tanvee Gupta Jain, an economist with UBS.

Going ahead, Jain expects the rupee (USD/INR) to remain range-bound between 62-66 levels over the next few months and average 64.3 in FY18 and 65.4 in FY19. UBS had earlier estimated it to hover around 65.4 and 67.6 levels, respectively.