Economy

Fitch lowers India growth forecast, sees rupee at 75 against dollar by mid 2019

Fitch lowers India’s growth forecast, sees rupee at 75 against dollar by mid 2019

Fitch lowers India, Rating agency Fitch on Thursday lowered India’s GDP growth forecast to 7.2% in 2018-19, followed by 7.0% in 2019-20 and 7.1% in 2020-21.

Fitch also said it expects the rupee to weaken to 75 against the US dollar by the middle of next year due to a widening current account deficit and tighter global financing conditions.

Fitch lowers India growth

Despite a few recent advances, the rupee is on track for its worst yearly performance in five years in 2018 and a Reuters poll on Wednesday had forecast it to weaken further as uncertainty builds, heading into national elections due by May.

The rupee fell to a two-week low of 71.04 against the dollar in early trade on Thursday, mimicking most Asian currencies.

Fitch lowers India growth

This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.

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