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USD/INR: Rupee sells-off as analysts slash India growth forecast


USD/INR: Rupee sells-off as analysts slash India growth forecast
The Reserve Bank of India (RBI) will be under pressure to curb inflation.
Analysts at Nomura, JP Morgan, and UBS have downgraded India growth forecast.
The USD/INR price rose as worries about the state of the Indian economy continued. The pair rose to 75.00, which was 1% above yesterday’s low of 74.33. Other pairs like the EUR/INR and GBP/INR also rose after retreating yesterday.
Indian rupee chart
India Covid concerns
The Indian rupee has retreated recently as the number of coronavirus cases has continued to surge recently. The number of daily Covid cases has surged to more than 259,167, the highest level on record. Data compiled by Google shows that the 7-day moving average of infections has surged to more than 233k.  ....

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