USD/INR : We expect Indian Rupee (INR) to slip to a record low of 80 by Q3. “The rising number of COVID-19 cases in India could lead to another extension in the lockdown beyond 3 May, which will pose downside risks to our GDP growth forecast of 1.6% for FY21.”
“The RBI announced a special liquidity facility worth INR500bn for mutual funds, but the broader growth and risk backdrop will likely continue to exert pressure on the rupee, despite low oil prices.”
