0451 GMT - The Indian rupee is likely to weaken further against the U.S. dollar in 2025, MUFG Bank's Michael Wan says in a research report. The rupee will likely be weighed down by factors including a spike in India's gold imports, higher foreign direct investment repatriation and weaker portfolio inflows, the senior currency analyst says. Also, the Reserve Bank of India's FX policy could become "less interventionist and allow INR to adjust weaker even as RBI will unlikely let INR go completely," Wan says and turns more cautious on the INR. MUFG Bank forecasts USD/INR rising to 86.80 by 1Q and 88.50 by 4Q this year. USD/INR is 0.1% lower at 85.74.(ronnie.harui@wsj.com)
(END) Dow Jones Newswires
January 02, 2025 23:51 ET (04:51 GMT)
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