What do banks forecast for USD/INR in 2026?

The cross-bank consensus puts USD/INR at 90.25 (median) by December 2026, based on the published year-end targets of 18 investment banks. Individual desk targets span 84.50 to 97.00, with a cross-firm mean of 90.76. That spread matters as much as the midpoint: a tight range signals genuine sell-side agreement on the USD/INR path, while a wide one tells you the desks are split on the macro drivers behind it.

What is the dollar to rupee forecast for 2026?

The dollar to rupee exchange rate — USD/INR in market convention — carries a bank consensus of 90.25 (median) for December 2026, drawn from 18 investment banks' published targets, with individual desk forecasts spanning 84.50 to 97.00. A higher USD/INR reading means a stronger US dollar and a weaker rupee; a lower reading means the rupee is gaining ground against the dollar.

Which bank has the highest USD/INR forecast?

UBS currently holds the highest year-end 2026 USD/INR target among the desks we track, at 97.00 — 7.5% above the cross-bank median. The full board — every covered bank's target, quarterly path and positioning versus consensus — is part of the paid tier.

How often are these USD/INR bank forecasts updated?

Continuously. Investment banks revise their published USD/INR targets as new research lands — typically around central-bank meetings, major data releases and their scheduled forecast rounds. This page recomputes the USD/INR consensus median, range and per-firm distribution automatically whenever any covered desk publishes a new target, so the aggregate always reflects each bank's latest published view rather than a quarterly snapshot.

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Aggregated year-end forecasts, scenario shifts, and curated analyst notes from 38 institutional desks. No promotion.

Each bank’s USD/INR view

SG UBS BofA BARC ING GS Citi DB JPM MUFG MS BNP StanChart KOTAK KOTAKSEC CBK NMR HSBC

USD/INR — All Desk Targets

18 desks

Firm	Stance	YE 2026	vs Cons.
UBS	Bearish	97.00	+7.5%

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USD/INR · 2026 Bank Forecast

USD/INR Forecast 2026 — Dollar to Rupee Predictions

Name: USD/INR Cross-Firm Bank Forecast Consensus 2026
Creator: FX Bank Forecast
License: https://fxbankforecast.com/terms
Keywords: USD/INR, USD/INR 2026 forecast, USD/INR bank consensus, dollar to rupee forecast, dollar to rupee prediction, bank consensus, FX forecast, investment bank research, institutional FX, sell-side research

Spot 94.92 · 18-bank consensus 90.76 (-4.4%) by Dec 2026

Institutional 2026 consensus for USD/INR, aggregated from 18 major sell-side investment banks. Each firm contributes a Dec-2026 year-end target alongside quarterly checkpoints, read here as a live dollar to rupee forecast and prediction set. Below: the distribution shape, outliers, quarterly trajectory, and per-firm breakdown.

Other pairs: EUR/USD · GBP/USD · USD/JPY · USD/CHF · USD/CAD · AUD/USD · NZD/USD

Consensus

90.76

Median

90.25

Range

84.50→97.00

Δ12.50

Std Dev

4.51

Live Spot

—

vs Live

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Bank consensus from 18 banks puts USD/INR at 90.76 (range 84.50–97.00) by Dec 2026 — -4.4% from the last close of 94.92.

USD/INR — 2026 consensus trajectory · quarter-by-quarter

Quarterly path (Mar · Jun · Sep · Dec) · price-vs-forecast overlay

USD/INR — Dec ’26 panel preview

Median 90.25, range 84.50–97.00 across 18 firms.

Per-firm distribution, dot plot, and the All-Firms table are part of Retail.

USD/INR year-end Dec 2026 cross-firm aggregate statistics.
Pair	Median	Min	Max	Firms
USD/INR	90.25	84.50	97.00	18

Per-firm distribution · USD/INR Dec '26 · sorted table

Per-firm dot plot · all-firms table · per-firm bars · 38 firms

Upcoming macro events for USD/INR — economic calendar