Home / Politics / Policy /  Fitch lowers India GDP growth forecast, sees rupee at 75/dollar by mid 2019

New Delhi: 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.

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.

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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