As a result of their revised Reserve Bank of India policy rate forecast, economists at Wells Fargo see the Ruppe coming under more downside pressure than previously expected.

RBI policymakers keeping rates on hold through the end of this year is unlikely to materialize

We believe RBI policymakers keeping rates on hold through the end of this year is unlikely to materialize, so the Rupee may experience slightly more downside as markets price RBI rate cuts. 

We now believe the Indian Rupee can experience more downside than we initially expected through the end of this year. To that point, we now believe the USD/INR pair can reach 83.25 by the end of this year before recovering ground over the course of 2024