USD/INR: The Indian rupee still faces headwinds ahead – MUFG By MSalordFX USDINR Banks Currencies
over the next months. They see USD/INR at 78.500 by the end of the second quarter and at 79.500 by year-end. “The Indian rupee plunged to a new record low of 77.928 against the US dollar in May on the back of mounting investor concerns over both global and domestic growth and inflation. That led to a greater amount of net foreign institutional investment outflows from Indianto the tune of USD 4.6bn between 2nd and 25th May based on latest available data versus a net outflow of USD 3.
“The impact of higher oil prices is starting to be evident on India’s trade, with a wider trade deficit seen in April at USD 20.1bn from March’s USD 18.5bn. This trend is likely to persist in the year ahead, leading to wider current account deficits and adding further downward pressure on the rupee.”
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
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