The US Dollar Indian Rupee (USD/INR) exchange rate is edging higher for a second consecutive session on Wednesday. The pair trades +0.1% higher as 74.26 as it continues to pick up from Monday’s low of 73.96.
Global investment bank Nomura expects the Indian economy to contract -15.2% in the April – June quarter, followed by a -3% contraction in the next quarter. Nomura doesn’t forecast GDP growth in any quarter this year. Although the outlook from Moody’s is more encouraging.
US Dollar investors are looking ahead to US Federal Reserve Jerome Powell’s speech tomorrow at the Jackson Hole symposium. Market participants are expecting some clues as to where the central bank sees monetary policy heading.