Correct. Limiting the speed to limit the current has a more dramatic effect on pump flow if it is a centrifugal pump.
But that said, if it IS a centrifugal pump, there are industry "tricks" in sizing inverter drives based on the load being variable torque. VFD output current ratings are based upon "worst case" scenarios under load. So for years, VFD mfrs have played a ratings game in giving larger inverters two output ratings, one for "constant torque" loads like conveyors, big machine drives etc., then a higher power rating for use on "variable torque" loads, meaning centrifugal machines like pumps and fans (note, not ALL pumps and fans are centrifugal however). The newer terminolgy for this is "Normal Duty" (ND), meaning the variable torque rating, and "Heavy Duty" (HD), the constant torque rating.
The difference is in the overload capability of the drive. In the HD rating, the drive is expected to be able to handle an overload condition of 150% of its rated current for a minimum of 60 seconds, upward of 200% for 3-10 seconds (varies by mfr). The same drive, if used on a ND load, is only expected to deliver 110% overload for 30 seconds, 125-150% for 2-3 seconds. This is essentially an acknowledgement of the fact that if you sized the motor correctly for a centrifugal load, you should be essentially unable to cause an overload condition other than in the case of some sort of failure, in which case you would want to shut down anyway. As a general rule, the difference is usually one motor size. So if your VFD is sized as 616A for a HD application, the rating for a ND application may be significantly higher, possibly well above the required 698A.
If however the pump is NOT centrifugal, and/or the drive is ALREADY rated at 616A under ND operation, you are back to square one.
If you are not sure, post the mfr and model number of the VFD, many of us can tell you right away.
"Will work for (the memory of) salami"