Jun. 3 at 8:25 AM
🇮🇳⚡BofA warns rupee could hit record low of 98 per US dollar by July amid Middle East energy shock.
India, which imports nearly 90% of its crude oil and 50% of its gas needs, is facing rising inflation and growth risks.
The rupee touched almost 97 in May, while foreign investors have pulled out about
$27 billion from Indian equities this year.
BofA's David Hauner expects RBI to avoid immediate rate hikes but sees two 25 bps hikes in October and December.
He expects the rupee to recover to 93 to 94 over the next 12 months once energy supplies stabilize.
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