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Will USD/INR Exceed ₹98.0 Before 2027?

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Last Updated 10 hours ago

Bernstein"Spillovers from war in the Middle East threaten to push the rupee past 98 per dollar and hurt Indian stocks, according to analysts at Bernstein, highlighting the country’s vulnerability ‌to shocks stemming from a sharp rise in energy prices."Mar 25, 2026

BusinessLine

Jateen Trivedi“Rupee 100 by end-2026 cannot be ruled out if current macro pressures continue, especially with crude oil remaining elevated and geopolitical tensions unresolved.”Jun 22, 2026

Financialexpress

Exchange Rates UK"We forecast the Dollar-to-Rupee rate to reach 95.058 by June 2026, 95.324 by September 2026 and 95.437 by December 2026."Jun 22, 2026

Exchangerates

BMI"We now expect the rupee to trade at roughly INR90/USD by end-2025 and around INR90.5/USD in 2026."Dec 11, 2025

The Economic Times

MidForexLooking further ahead, the 1-year forecast for USD/INR estimates an average rate of ₹ 98.4929, indicating a potential +4.18% upside from the current rate.Jun 22, 2026

Midforex

InvestingCube"Some project stabilization or modest appreciation toward 87–90 by year-end if Fed rate cuts materialize later in 2026, oil prices moderate, and trade dynamics improve."Apr 20, 2026

InvestingCube

Dharmakirti Joshi“Highly unlikely [rupee crossing Rs 100 in 2026].”Jan 02, 2026

ETCFO.com

MUFG Bank"We continue to view the Indian Rupee as vulnerable across a range of scenarios on the Strait of Hormuz, with USD/INR likely moving towards 98.00 levels, and even 100.00 is in sight if the conflict prolongs or escalates."May 15, 2026

MUFG Research

Barclays"Barclays raised its year-end price target for USD/INR to 96.80, citing the Indian rupee’s vulnerability to oil supply shocks and deteriorating balance of payments position."Jun 22, 2026

Investing

FX Bank Forecast18-bank consensus 87.28 (-7.5%) by Dec 2026Jun 22, 2026

Fxbankforecast

XS.comThe USD to INR forecast for 2026 indicates heightened volatility rather than a clear directional trend, with projections ranging from 90.00 to 94.50.May 29, 2026

Kunal Kundu"Against this backdrop, we see little merit in trying to fade the trend and a retest of the recent high near 95.23 could be inevitable."Apr 29, 2026

Mitrade