The Indian rupee appreciated to 73 against the greenback in mid-May, hovering around its strongest level since late March, helped by signs that India's second wave of coronavirus infections is slowing, hopes of a global economic recovery and broad dollar weakness. Daily coronavirus cases fell below the 300,000 mark for the first time since April 21st. Meanwhile, economic data released earlier this month showed India's consumer price inflation rate slowed to a three-month low in April, remaining within the central bank's 2-6 percent target, while the country's industrial production rebounded at a record pace in March. Elsewhere, the RBI announced on May 5th a series of liquidity measures to help banks support the healthcare infrastructure and small borrowers hit by the COVID crisis.
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 May of 2021.
The Indian Rupee is expected to trade at 73.34 by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 74.36 in 12 months time.