While Indian inflation has eased notably in the past year owing to lower global commodity prices, a tight monetary stance and government efforts to contain food inflation, it wasn't long ago that the country struggled with runaway prices.
"Global investors will need to trust that India will persevere with policies to keep inflation low while boosting growth," he said.
If Idris' assumptions are correct, he sees the rupee strengthening to 55 rupees against the U.S. dollar in 5 years, a 13.5 percent appreciation. He expects the Chinese currency to appreciate a meager 3 percent to 6 yuan against the greenback over the same time frame.
"The yuan will see less impetus for appreciation – growth is slowing which means that capital inflows will remain limited. On top of this, the government's push to boost consumption could cause the current account to deteriorate further," Idris said.
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China's current account surplus stood at $7.2 billion in the first quarter of the year, the smallest quarterly surplus in three years and much lower than the $44 billion recorded in the fourth quarter of last year.
Idris isn't alone in his call for the rupee to outperform the yuan in the medium term. Mitul Kotecha, head of FX strategy for Asia Pacific at Barclays, says on top of the growth argument, the rupee is a better bet from a valuation perspective too.
"It's a valuation and relative growth story," he said. As of March, the rupee was 12 percent undervalued while the yuan was 20 percent overvalued, according the according to the behavioral equilibrium exchange rate (BEER) model.
Not so fast
To be sure, not all agree that the rupee will have its time in the sun in the latter half of the decade. Khoon Goh, senior foreign exchange strategist at ANZ, believes the odds are stacked in the favor of the yuan given efforts by Beijing to liberalize its capital account.
"I think there's better potential for the yuan simply because the Chinese authorities are very focused on continuing to open up their capital account and making sure that foreign investors have easier access to onshore markets," Goh said.
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Foreign ownership of Chinese government bonds stands at just 2 percent, presenting plenty of scope for inflows in the future, he said.
"In India, foreign institutional investor (FII) limits around Indian government bonds are close to exhaustion. The potential for further inflows really depends on whether policymakers increase limits," Goh said. "Those sorts of decisions happen on ad hoc basis in India – a contrast from China, where the policy path is very clear."
Goh sees the dollar-yuan at 6.15 and dollar-rupee at 65 in the next five years. Furthermore, he's not confident on India's ability to keep inflation in check over the medium-term.
"Typically, countries that run high inflation tend to see their currency depreciate over time to compensate for the loss of competitiveness resulting from high inflation rate," Goh said.