The US Dollar Indian Rupee (USD/INR) exchange rate is heading northwards, adding to gains from the previous week. The pair trades +0.1% higher at 73.49.
The Rupee is under pressure after S&P Global Ratings downgraded their GDP forecast for India to -9% for the current fiscal year, down from -5% contraction previously. The down grade comes as Indian continues to experience daily surges in new covid cases.
The US Dollar is trading broadly lower versus major peers owing to the risk on mood in the market. News that AstraZeneca ha restarted its vaccine trial has boosted risk appetite.