USD/INR Price News: Indian rupee reverts towards two-week tops of 73.72 on economic optimism

The Indian rupee keeps its range near two-week highs against its American counterpart in Friday’s Asian trading, mainly buoyed by the expectations of an economic recovery for India amid coronavirus vaccine hopes.

The latest Reuters poll of economists showed Friday, a majority of them believe Asia’s third-largest economy to show some signs of recovery in the September quarter, in the wake of improving consumer demand induced by the vaccines progress.

Key findings

“Economists in a Reuters poll forecast gross domestic product in Asia’s third-largest economy to shrink 8.8% in the September quarter, after a contraction of 23.9% in the previous quarter, amounting to a technical recession.”

“They also predict a contraction of 3% and growth of 0.5% in the December and March quarters respectively, with the economy shrinking 8.7% over the whole financial year for its worst performance in at least four decades.”

USD/INR heads towards two-month lows

USD/INR stalls its recovery and reverts towards two-week lows of 73.72, currently trading at 73.83, modestly flat on the day.

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