Fitch Sees Rupee Weakening To 75 Against Dollar By End-2019

Fitch Ratings said on Thursday it expects the rupee to weaken to 75 rupees against the U.S. dollar by the middle of next year on a widening current account deficit and tighter global financing conditions.

Despite a few recent advances, the currency is on track for its worst yearly performance in five years in 2018 and a Reuters poll on Wednesday had forecast it to weaken further as uncertainty builds, heading into national elections due by May.

The currency fell to a two-week low of 71.04 against the dollar in early trade on Thursday, mimicking most Asian currencies.

(Reuters)