EUR/INR Forecast: Rate Predictions for 2026, 2030, and 2040

As of writing, the EURINR is 0.07% higher and currently trades at 107.683. The EUR/INR can be looked at as a synthetic cross between the EUR/USD and the USD/INR. Both currency pairs and the fundamental drivers behind their 2026 forecasts have been covered on this website.

Remember:

EUR/USD’s 2026 trend will be determined primarily by the rate differential dynamics between the Fed and the ECB, while the USD/INR will be driven by RBI policy, crude oil prices, portfolio flows, and India’s trade balance.

Live Chart

Following a period of consolidation between 2023 and 2025, the EUR/INR has broken to the upside and now remains in an uptrend.

EUR/INR 2026

Here are the 2026 EUR/INR institutional forecasts. Please note that it is customary for banks to publish the forecasts of the EUR/USD and USD/INR and not the EUR/INR directly. So any price targets indicated below are derived from the cross of these two currency pairs.

EUR/INR ≈ (USD/INR) × (EUR/USD)

MUFG provided a quarterly forecast update on 2 February 2026. It calls for the EUR/USD and USD/INR to trade as follows:

Currency	End-Q1	End-Q2	End-Q3	End-Q4
EUR/USD	1.20	1.22	1.24	1.25
USD/INR	89.5	91.5	93.0	93.0

The implied value of the EUR/INR at the end of each quarter is:

• Q1: 107.4
• Q2: 111.6
• Q3: 115.3
• Q4: 116.3

ING’s 10 February 2026 update provides the end-of-quarter values for each currency pair as follows:

Currency	End-Q1	End-Q2	End-Q3	End-Q4
USD/INR	90.3	90.5	89.5	89.0
EUR/USD	1.19	1.20	1.21	1.22
EUR/INR	107.5	108.0	108.3	108.6

The takeaways: MUFG projects EUR/INR upside, driven by a projected uptick in the EUR/USD and a weaker Rupee vs the USD Dollar in late 2026. ING on the other hand, projects more of a range-bound EUR/INR, with a tendency towards a mild upside based on a projection of a stronger INR vs the US Dollar.

EUR/INR 2030

There are no explicit bank-driven forecasts for EUR/INR in 2030. Most sell-side forecasts cover only a 12-24-month time frame. You can, however, look at sources that offer insight into the 2030 forecasts for the pair. These sources include:

a) ECB Survey of Professional Forecasters, who provide a Euro-area long-term inflation report.
b) India inflation framework, which sees India’s inflation target at 4%, which falls within the RBI’s framework of 2%-6%.

Based on these two sources, the inflation-differential for EUR/INR in 2030 (4% – 2% = 2%/year) implies an 8% uptick in EUR/INR over the next 4 years.

With a starting price of 107.60, the base case sees the EUR/INR trading at 116.5 by 2030. The bear and bull case scenarios see the pair trading at 112.0 and 121.1, respectively.

Please note that these are purely implied prices and not based on institutional FX analysis.

EUR/INR 2040

There are currently no EUR/INR 2040 forecasts as this time period falls outside the forecasting time frames used by institutional analysts.

Macroeconomic Drivers of Euro-Rupee Trends

When it comes to the fundamental drivers of EUR/INR in 2026, we need to look at it from both currency legs.

From the INR’s standpoint, the currency’s main drivers are:

• RBI policy
• RBI rate anchor for 2026
• US Dollar demand from importers, corporates, and portfolio investors

1. RBI Interventionist Policy

The Reserve Bank of India’s policy of intervening to prevent a sharp slide in the Rupee has become topical. The RBI was reported to have sold US Dollars before the local opening of the FX spot market on 12 February, in a move that discouraged a buildup of short Rupee positions. An unnamed trader said the intervention could dent expectations of USD/INR rising above 91.00 in the near term.

2. RBI Rate Anchor

Investment bank UBS has a CIO table that presents its 2026 rate-anchor expectations for several currency pairs and central banks. The RBI repo rate, as contained in this table, indicates a 5.25% target point through to December 2026. This expectation will have implications for Rupee support and carry trades when the market is risk-on.

3. Dollar Demand

USD demand from importers and portfolio traders has become a key near-term driver in recent sessions. Typically, the US Dollar is demanded for oil imports (India is the 2nd-largest importer of crude globally) and for foreign portfolio investors looking to cash out their gains from the local bourse for repatriation.

On the Euro leg of the divide, we expect the EUR/USD trend to be driven by the Fed/ECB rate differential in 2026. Expectations for a delay in the Fed’s easing in 2026, brought on by last week’s stellar Non-Farm Payrolls data, were quickly dashed after the US CPI data showed further cooling in US consumer inflation. MUFG continues to maintain its view of continued USD weakness in 2026, which is expected to drive up EUR/USD and EUR/INR through a drag effect.

Technical Outlook and Volatility Analysis

The primary trend is bullish, with price still holding above the ascending trendline support following last week’s bounce. This bounce stalled the post-spike pullback on the pair.

As long as the price holds above the trendline and the 106.5-107.0 price level, there is a chance the bulls aim for 108.86 (27% Fibonacci extension of the 23 October- 16 December 2025 upswing). Clearance of this level brings the 110.00 psychological barrier into play, which marks the prior all-time high of 27-29 Jan 2026. Further upside targets lie at 110.81 (61.8% Fibo extension) and 112.94 (100% Fibo extension).

On the flip side, a breakdown of the trendline ushers in downside targets at 104.55 (the 10 December and 22 December 2025 lows) and, below this, the 61.8% Fibonacci retracement at 103.89. A further breakdown of the Q4 2025 low at 101.75 would dissolve the structure and mark a major shift towards a sideways trend.

FAQ