Turkey Foreign Arrivals down to -1% in November from previous 3.83%

Economists at MUFG Bank are cautious on INR in the near-term, but see scope for USD/INR to fall over the longer-term Cautious near-term before bond index inclusion flows kick in We remain cautious on INR in the near-term and forecast USD/INR at 83.50 by 1Q2024 and 82.00 by end-2024.