J.P. Morgan
Global FX Strategy 2026
LIVE25 November 2025USD bearish
Back to CurrenciesNeutral
USD/INR
Seasonals turning, portfolio flows key for 2026. Long INR vs PHP, IDR via 6m NDF
JPM Forecast Path
Cross-Firm Forecast Comparison
Key Drivers
Portfolio flows
RBI support
Current account deficit
Gold imports
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
Seasonals turning, portfolio flows key for 2026. Long INR vs PHP, IDR via 6m NDF. India remains lower beta, defensive play but carry should continue to perform with RBI supporting the rupee.