India's rupee hit 74 per US dollar, its weakest level since August 27th, before cutting some losses to trade around 73.7 to the greenback. Investors remained concerned about rising COVID-19 cases as the country continues to be the second worst-hit nation, alongside weak prospects of recovery from the pandemic shock. The rupee weakened almost 4% since the start of the year, having touched an all-time low of 77 per USD in mid-April, as concerns about a severe global recession sent investors rushing for safe havens.
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 2020.
The Indian Rupee is expected to trade at 74.01 by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 75.03 in 12 months time.