USD/INR could reach 78.000 in the medium term – UOB

Strategists at UOB Group’s Quarterly Global Outlook now believe the Indian Rupee could depreciate to the 78.000 in the third quarter.

Key Quotes

“With India’s growth and inflation still biased to the downside together with a fragile global risk appetite still, further weakness in the INR is expected.”

“As such, we maintain a higher trajectory in USD/INR, steadily towards 77 in 2Q20, 78 in 3Q20, 79 in 4Q20 and 80 in 1Q21.”