ICICI Bank says Indian rupee will not hold strong in early 2022

ICICI Bank says Indian rupee will not hold strong in early 2022

“INR will appreciate short term but have no choice but to depreciate long term,” B. Prasanna, group head for global markets sales, trading and research at ICICI Bank Ltd. said in an interview with Bloomberg TV on Wednesday. “Trade deficit and current account deficit are likely to increase going ahead as there has been substantially high growth in India. Dollar strength is there because of monetary policy divergence, and high oil prices will also favor INR depreciation in the longer term.”

The Indian rupee is probably going to debilitate after foreign inflows that have assisted it with appreciating toward the beginning of the year start to ebb before long, a senior official at the country’s second-biggest private sector lender said.

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