Fitch: India’s GDP to contract 9.4% in FY 2021

In its latest global economic outlook, published Tuesday, the rating giant Fitch upwardly revised India’s GDP forecasts for the fiscal year (FY) 2021.

By doing so, the global rating agency stepped back from its previous estimation of 10.5% economic contraction while eyeing a -9.5% GDP growth rate.

Additionally, the early day news that India’s coronavirus (COVID-19) infection numbers have dropped to the lowest since July 10, up 26,567 on Monday, also favored the Indian rupee.

As a result, USD/INR extends pullback from one-week high, flashed the previous day while declining to 73.78, down 0.05% intraday, by press time.

Read: USD/INR Price News: Indian rupee buyers keep controls below 74.00