India's rupee was little-changed at 73.5 against the greenback in mid-September, after Reserve Bank of India Deputy Governor Michael Patra said inflation in the country is likely to ease only gradually and that the future course of monetary policy will depend on the outlook on growth and inflation. These remarks came in as India's annual retail price inflation rate eased for a third straight month in August by more than expected, remaining within the RBI's 2-6% target range for the second month in a row and potentially easing pressure for normalization of ultra-loose monetary policy. At the same time, the RBI said earlier this month it was "quite optimistic" about its 9.5% GDP growth estimate coming true for FY22. Elsewhere, concerns over early tapering by the US Fed eased amid signs of easing inflationary pressure in the world's largest economy.
Historically, the Indian Rupee reached an all time high of 77.01 in April of 2020. Indian Rupee - data, forecasts, historical chart - was last updated on September of 2021.
The Indian Rupee is expected to trade at 73.93 by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 74.80 in 12 months time.