The Indian rupee today edged closer to 77 a dollar and some analysts say that the Indian currency may hit 80 a dollar over next few months.
Today, the rupee hit 76.91 at day's low before closing at 76.67. Though the rupee has significantly outperformed other emerging market currencies in this coronavirus-related market mayhem, selling pressure from outflows from Indian will weigh on the Indian currency, say analysts.
But the pace of decline of rupee could be slow as compared to other emerging market currencies due to the sharp fall in global oil prices, say analysts. "Selloff in equities is a major threat for rupee going forward.