Following its affirmation of Indian sovereign credit rating and outlook, S&P Global revised down the country’s GDP growth forecast for fiscal (FY) 2021.
Key findings
“Revised India’s real GDP growth forecast for fiscal 2021 to negative 5%.“
“Expect speed of India’s post-crisis recovery to have long-term implications for sovereign credit rating.”
“Sees risk of a serious local epidemic, enduring financial and corporate distress in India.”
This comes as India more cases of novel coronavirus; tally now stands at 297,535 resulting in 8,498 deaths.
USD/INR: Bulls look to 77.00
“USD/INR’s multi-month consolidation ends with a bullish breakout. Technical indicators favor stronger gains in the near-term,” FXStreet’s Analysts Omkar Godbole notes.
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