Deutsche Bank
FX Blueprint 2026: The Great Rotation
LIVE12 December 2025USD bearish
Back to CurrenciesModerately Bullish
USD/INR
INR supported by improving portfolio flows and RBI policy shift. India growth pr
DB Forecast Path
Cross-Firm Forecast Comparison
Key Drivers
Portfolio inflows
RBI policy
Growth premium
Current account management
Institutional reforms
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 improving portfolio flows and RBI policy shift. India growth premium provides fundamental support. Targeting 85.00.