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Commodities

RBI Deadline Boosts Rupee Strength Amid Oil Price Volatility

Guavy AI Editorial Team
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Oil
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Kotak Securities' Anindya Banerjee is predicting that the Indian rupee could strengthen to ₹95 against the US dollar if Brent crude oil stays below $100 per barrel and foreign inflows continue.

According to Banerjee, lower oil prices, foreign portfolio investment inflows, and FCNR(B) deposits are creating conditions for the rupee to appreciate. He notes that foreign portfolio investors have already brought in around $4.5 billion during July.

Banerjee expects FCNR(B) deposit mobilisation to exceed his earlier estimate of $50 billion before the RBI's September 30 deadline, and he points out that the final weeks of the scheme typically see stronger inflows.

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