Fed, oil risks to keep rupee under pressure; 93 unlikely: ET Poll

A poll of nine economists indicates the Indian rupee is unlikely to strengthen to 93 per dollar levels, with persistent dollar demand, geopolitical tensions and expectations of US Fed rate hikes capping gains. The rupee closed at 95.32 per dollar on Friday, down 0.5% so far in fiscal 2027 after weakening nearly 11% in FY26. While RBI's FCNR(B) and ECB swap measures are expected to attract $40-70 billion in inflows, economists believe these will only establish a floor around 94.00-94.50 rather than drive meaningful appreciation.