Rupee may strengthen to sub-80/USD in 2024: BofA India treasurer

The Indian rupee could surpass the INR80-per-dollar level by 2024 thanks to foreign inflows, said Jayesh Mehta, managing director at Bank of America Merrill Lynch. “In my view, inflows through Global Capability Centres (GCCs) will drive the rupee higher,” he said. “Even though merchandise exports will slow … foreign inflows through GCCs, remittances and lower crude prices should be able to cushion the impact and help the rupee”. However, Mehta warned the Reserve Bank of India would act to reduce volatility in the currency, should it arise.

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