$10freenodeposit| Danish Bank: Indian rupee will hit new low before the end of the year

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Financial News (Asia Pacific) News Indian Rupee$10freenodepositThe senior forecasters of, say, disagree with most people. Data from Danske Bank showed that the rupee will hit a new low before the end of the year, contrary to the market's consensus forecast of its first rise in seven years.

Allan von Mehren, chief analyst at Danske Bank, said the Indian rupee could fall to 83 to the dollar by December.$10freenodeposit60 rupees, the analyst made the most accurate estimate in Bloomberg's quarterly rankings. By comparison, the median forecast in a Bloomberg survey was 82.80.

Due to the central bank of India's strict control over the rupee, the rupee remains one of the least volatile currencies in the world. This factor has helped make Indian assets more attractive in a year when the recovery of the dollar has wreaked havoc on foreign exchange markets.

India's central bank is expected to steadily weaken the rupee to help local manufacturers cope with higher inflation and support exports.

The rupee could weaken "given the inflation differential with the United States and a preference for stabilizing and managing fluctuations," said the currency veteran, who has focused on the rupee for about 10 of his 25-year career.

The rupee has remained basically stable this year, while the Thai baht and South Korean won have fallen more than 5%. On Wednesday, the pair closed at 83.28, with little change, after falling to an all-time low of 83.5750 last month.

"There is a limit to the level of strength that India and the RBI want to see in real effective money," he said."India prefers stability, but it is in India's interest to still allow a moderate devaluation of the rupee."

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