Rupee Forecast 2027: US Dollar to Indian Rupee Exchange Rate Expected to Fall

A forecast by Crédit Agricole suggests that the Indian Rupee (INR) will stage a delayed recovery in 2027, with the US Dollar to Rupee exchange rate (USD/INR) expected to fall from 96 to 92 during the year.

The bank's forecast curve has already been validated by recent market movements, with USD/INR closing near 94.43 on Friday after a monthly decline from levels above 95.00.

Crédit Agricole expects the Rupee to strengthen initially, taking the pair back to 96 by December 2026, but then reverse direction in 2027, with USD/INR expected to reach 94 in March and June, followed by a decline to 92 in September and December.

The forecast implies a near-term Dollar rebound of roughly 1.7% from Friday's level, followed by a larger Rupee recovery of more than 4% as the pair falls from 96 to 92.