Rupee Optimism Holds Despite Shock Slowdown in India Growth
- March-end median INR forecast up for sixth month in September
- Citi, UBS among global banks to cut FY18 growth estimates
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The shock slowdown in India’s growth has economists rushing to cut their estimates for the end of the year. Their pessimism isn’t shared by currency strategists who are raising forecasts for the rupee.
Citigroup Inc. and UBS Group AG are among global banks that have lowered their estimates for India’s growth after the latest data showed gross domestic product in the June quarter rose at the slowest pace since 2014. Even so, the median rupee forecast for end-March is rising in September for a sixth straight month.