During March the Indian rupee plunged to a new record low against the US dollar from 72.170 to 75.590. Analysts at MUFG Bank believe the Asian currency will stay pressure in coming weeks.
Key quotes
“The rupee is likely to stay pressured through Q2 from accelerating capital outflows amid an escalation in the outbreak in India and other countries outside China.”
“The RBI’s ‘whatever it takes’ approach during this crisis would ensure further easing down the line, including unconventional tools as stated by RBI Governor Das.”
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