USD/INR Price News: Indian rupee well bid above 74.00 amid upbeat growth outlook

“India’s economy seeing a faster return to normal, with COVID-19 curve flattening,” the Barclays Research Team said in a note released Thursday.

Additional takeaways

Raises FY22 growth forecast for India to 8.5% from 7.0%

Expect recent improvement in India manufacturing to broaden to services sector early next year.

See better trajectory for recovery of consumption as well as investment in India.

Forecast that growth in India GDP will resume in Q420, a quarter ahead of RBI’s projections.

Revises India’s FY2020-21 GDP forecast downwards to -6.4% from -6.0% earlier.

Expect India’s Q2 FY2020-21 GDP to register contraction of 8.5% YoY.