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USD/INR forecast to test 76.00 by Q1 2022 – UOB

USD/INR is expected to advance to the 76.00 region at some point in Q1 2022, commented Strategists at the Quarterly Global Outlook from UOB Group’s Global Economics & Markets Research.

Key Quotes

“While virus risks have receded, bond purchases by the RBI  and India’s dual  deficits  are  structural  tailwinds  that  will continue  to weigh  on the INR, on top of the broad-based USD strength due to  the  Fed’s normalization.”

“Overall, we keep to our upward trajectory of USD/INR but will  moderate  the point forecasts 100 pips lower  in view of the recent stabilization  of the INR.  The revised forecasts are now at 75.5 in 4Q21, 76.0 in 1Q22, 76.5 in 2Q22 and 77.0 in 3Q22.”

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