Indian rupee retreats to 78.00. Economists at Société Générale expect INR’s trend weakness to persist.

USD/INR seen moving back to 77 over a 12- month horizon

“The dollar is expected to peak in 3Q but remain strong for the rest of this year. A dollar-oil double whammy firmly skews the risks to the upside in USD/INR this year.”

“We expect USD/INR to weaken to 80 by 3Q22 before starting to improve, moving back to 77 over a 12- month horizon.”