We expect rupee at 67 per dollar in FY19, said Devendra Kumar Pant, chief economist, India Ratings and Research.
He said that we are looking at a situation which is similar to FY13.
“From FY13 till now, the economy’s resilience of absorb the shocks has gone up. There will be an impact on macro fundamentals, and on broad macro numbers. So what we are looking at, even with 1 million barrel per day output increased by OPEC and non-OPEC countries, the chances of any meaningful decline in crude oil prices are limited,” he added.
He further said that we are looking at supply disruption in Mexico, Venezuela, Angola and Libya.
“China is going to buy oil from Iran without worrying much about the trade sanctions imposed by US on Iran because of US-China trade issues. So what we are looking at, the one million barrel per day output increase may not translate to actual 1 million barrel per day supply and we believe that prices are going to remain firm,” he further mentioned.