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Bank of America has revised its near-term forecast for the Indian rupee, expecting it to strengthen to 88.60–89.00 by the end of March following a significant U.S.–India trade deal. This forecast reflects a 2% increase from previous estimates and comes after the rupee experienced its largest gain in seven years. Despite the positive outlook, BofA does not anticipate aggressive dollar-buying by the Reserve Bank of India even if foreign inflows return.

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