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Bank of America Merrill Lynch has revises its rupee forecast at an average rate of 64.5 for FY16 and 64 for FY17 against the US dollar.
The rupee slumped to its lowest since September 2013 last week after China devalued yuan.
According to BofA-ML, the beneficiaries of rupee depreciation will be Thermax, Adani Ports, Gujarat Pipavav, Cummins, BHEL and L&T.
If the rupee depreciates, the laggards will be Inox Wind, ABB , Siemens, Crompton Greaves, Voltas and Tata Power , it says.
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