The Indian rupee rebounded to 74.4 against the US dollar on Friday, but remained close to Tuesday's nine-month low amid concerns about rising COVID-19 cases and their impact on the economy's pace of recovery. India's health authorities have been reporting record daily increases in coronavirus infections, prompting many state governments to re-impose fresh restrictive measures to curb the spread of the pandemic. On the economic data front, India's annual retail inflation jumped to a four-month high of 5.52% in March, while the industrial production contraction deepened in February. Last week, the Reserve Bank of India left interest rates at record-low levels and pledged to maintain its accommodative monetary policy until the prospects of sustained recovery are well secured.
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 April of 2021.
The Indian Rupee is expected to trade at 74.87 by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 75.91 in 12 months time.