Vikas Babu, a foreign-exchange trader at state-owned Andhra Bank in Mumbai, comments on the outlook for India’s rupee. Three-month non-deliverable forwards for the currency declined 0.4 percent to 46.59 per dollar as of 10:15 a.m. in Mumbai, according to data compiled by Bloomberg. The spot rate was 46.15.
“The rupee will appreciate from the current level to 45 against the dollar in November. For the time being the pain is there for the currency but overall I am bullish on the rupee.
‘‘The currency may touch 47 and come back as the markets are in a panic now. We will see money flocking back to the Indian equities once investors realize that India’s economy is growing.’’