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Market Update: Indian Rupee Strengthens to 2-Month High
The Indian rupee hit 72.6 per USD at the end of May, hovering around its strongest level in two months and heading for a near 2% monthly gain. The recent gains have been supported by signs that India’s second wave of coronavirus infections is slowing, hopes of a global economic recovery and broad dollar weakness. Meanwhile, economic data released earlier this month showed India’s consumer price inflation rate slowed to a three-month low in April, remaining within the central bank’s 2-6 percent target. Elsewhere, the RBI announced on May 5th a series of liquidity measures to help banks support the healthcare infrastructure and small borrowers hit by the COVID crisis. [/s2If]
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