The Indian rupee touched 73.36 against the US dollar, its strongest level since October 19th, before trimming some gains to trade around 73.5 per USD. Global market sentiment has been recently supported by optimism surrounding the US stimulus package, hopes for quick economic recovery from the pandemic-driven crisis and news of developments in the coronavirus vaccine. Meanwhile, economic data showed the retail price inflation slowed more than expected in November from October's six-year high, but remained above the central bank 2%-6% target range for an eight straight month. Early this month, the Reserve Bank of India left key interest rates unchanged, saying it would continue with the accommodative stance as long as necessary to support the economy recover from the coronavirus shock and ensure that inflation remains within the target going forward.
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 December of 2020.
The Indian Rupee is expected to trade at 73.87 by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 74.89 in 12 months time.