Rupee's downslide to continue? Here's what this top forecaster thinks

Emirates' rupee forecasts -- 67.5 to the dollar by end-September and 67 by end-2018 -- are at odds with a bleak broader outlook for the currency

The Indian rupee’s top forecaster is going against the crowd. The currency will strengthen by the year-end, Emirates NBD PJSC forecasts, bucking a growing consensus that sees it hitting new record lows.

The negatives responsible for the rupee’s recent slide -- elevated oil prices and a strong dollar -- have run their course, Aditya Pugalia, Dubai-based director of financial markets at the bank, said in an interview.

“While these factors may continue to weigh on the rupee in the immediate term, they are likely to dissipate in the medium term,” said Pugalia, who had the most accurate estimates in Bloomberg’s quarterly rankings.