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S&P Global Ratings’ Asia-Pacific Chief Economist said on Wednesday, the real impact of India’s fiscal stimulus package is at 1% of GDP.

Additional comments

“India faces a 10% permanent hit to its level of GDP.”

“India having a hard time containing the virus, long lockdowns have hurt.”

“India has limited space to address economic problems.”

Market reaction

USD/INR looks to extend the bounce from five-week lows of 74.97 on Wednesday, now adding 0.24% to 75.28.