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The latest Reuters poll of 50 strategists showed that the Indian Rupee (INR) is expected fall back towards 71.30 levels vs. the US dollar over the coming year amid uncertainty ahead of a general election in May and a potential trade conflict with the US.

Key Findings:

“While the consensus showed the Rupee would not breach the record low of 74.485 over the next 12 months, the currency was expected to weaken over 1 percent to 71.28 in 12 months from about 70.50 on Wednesday.

Still, in a general upswing for most currencies against the dollar, the rupee recouped some of its 2018 losses last month.

But the Indian currency, which is down about 1 percent this year, is forecast to weaken nearly 2 percent by end-May, suggesting upcoming elections are a clear risk.”