Barclays
FX Outlook 2026: Navigating the Turn
LIVE28 November 2025USD bearish
Back to CurrenciesNeutral
USD/INR
INR remains a low-beta defensive play. RBI support limits downside but current a
BARC Forecast Path
Cross-Firm Forecast Comparison
Key Drivers
RBI support
Portfolio flows
Current account deficit
Gold imports
All Firm Targets (Dec '26)
JPMNeutral88.60
BARCNeutral86.50
GS86.50
ING86.50
MUFG86.50
MS86.00
BofAModerately Bullish85.50
DBModerately Bullish85.00
Analysis Summary
INR remains a low-beta defensive play. RBI support limits downside but current account deficit and gold imports create structural headwinds. Portfolio flows key for direction in 2026.