In its latest economic assessment report, the S&P Global Ratings noted that the Indian economy remains on track for the post-pandemic recovery in the fiscal year 2021/22.
Additional points
“India federal budget to support economic recovery.”
“India banking system performance likely to start improving materially in fiscal 2023.“
“India economic recovery faces potential risk from new, more contagious COVID-19 variants.”
Market reaction
Despite the upbeat remarks from S&P Global Ratings, the Indian rupee fails to benefit, as USD/INR trades flat at 72.63, as of writing.
The cross has stalled its downward spiral but holds near eleven-month lows of 72.51 reached Monday.
USD/INR key levels to watch
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