Bank of America
FX Outlook 2026: Structural Dollar Headwinds
LIVE5 December 2025USD bearish
Back to CurrenciesModerately Bullish
USD/INR
INR supported by RBI reserve accumulation slowing and improving portfolio flows.
BofA Forecast Path
Cross-Firm Forecast Comparison
Key Drivers
Portfolio flows improving
RBI policy shift
Growth premium
Low beta defensive
All Firm Targets (Dec '26)
JPMNeutral88.60
GS86.50
ING86.50
MUFG86.50
BARCNeutral86.50
MS86.00
BofAModerately Bullish85.50
DBModerately Bullish85.00
Analysis Summary
INR supported by RBI reserve accumulation slowing and improving portfolio flows. India's growth premium vs EM peers provides fundamental support, though low beta limits upside.