(Corrects prediction for the level to which rupee will decline to 45.15 per dollar instead of 45.50.) J. Moses Harding, a Mumbai-based executive vice president at IndusInd Bank Ltd., comments on the outlook for India’s rupee. Three-month non-deliverable forwards for the currency gained 0.2 percent to 44.98 per dollar as of 9:11 a.m. in Mumbai, according to data compiled by Bloomberg. The contracts reflect bets the rupee will drop 1.2 percent from the spot rate of 44.45. “The rupee will weaken to 45.15 per dollar in three months. There is no clarity on the economic front as the inflation rate is high and that may hurt the growth. There is tremendous demand for dollars from importers. “There is also uncertainty on global oil prices, which may rise to above $100 a barrel. All these factors will put pressure on the rupee. The trading range for the currency is between 44.15 and 45.15 for the next three months.” To contact the reporter responsible for this story: Khalid Qayum in Singapore at kqayum@bloomberg.net To contact the editor responsible for this story: Sandy Hendry at shendry@bloomberg.net

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