Rupee to hit 56 in near-term, says Barclays Capital

Barclays Capital expects spot rupee to hit 56 to the dollar in one month and then subsequently rise only to 54 within three months; the USD/INR is currently at 54.85.

BarCap cites "high" sensitivity to global market sentiment, "limited" appetite for the RBI intervention and "weak" macro fundamentals, in a reported dated May 17.
The rupee will gain to 48/dlr in one year, BarCap also forecasts.
BarCap's near-term rupee view is much more bearish than a Reuters poll this week, which shows consensus forecast at 53.41 by end of June.