USD/INR: Rupee Sufferes Five Consecutive Days of Losses

Indian Rupee suffered five consecutive days of losses against the greenback entering the holiday season in total liquidation. On the foreign exchange market, the value of Rupee depreciates by 16 paise at the end of Thursday (New York based closing price) and settled lower at 71.17 against the US dollar.

During the early Asia trading hours, the USD/INR exchange rate was seen quoted within a range of 71.04 — 71.17. The negative risk tone has continued to push lower the local currency of Asia’s third largest economy.

The dollar index, which gauges the greenback’s strength against a basket of major currencies, traded almost unchanged on Thursday and settled at 97.39 versus 97.40 previous close. While the US dollar traded lower during the first part of the day, it regained its strength after upbeat Jobless Claim data which got closer to more than two-year high.

Elsewhere, Foreign institutional investors (FIIS) sold shares in the local equity market worth Rs 493.95 crore, according to the National Stock Exchange of India data published at the end of yesterday’s trading session.

In other news, the People’s Bank of China PBOC left the benchmark interest rate unchanged in December. The one-year rate for loans was kept at 4.15%, while the long-term loan rates were kept at 4.80% (five year and longer maturities). China’s economic activity slowed to a 30-year low and some analysts predict it can slip further below 6% in 2020.

On the US — China trade deal front we have seen further positive developments after China made new concessions by offering import tariff exemptions for oil and chemical products from  the US.

The domestic benchmark equity index NIFTY 50 reached a new all-time high on Thursday for a third consecutive day and settled at 12,259, registering a +031% gain. During early Asia trading hours NIFTY 50 was seen establishing a new all-time high at 12,293. Year-to-date the Indian stock market has gained 13.06%, benefiting from net foreign investment inflow.

The Indian 10-year government bond yield was seen quoted at 6.60% compared with its previous close of 6.75%. is a news site only and not a currency trading platform. is a site operated by TransferWise Inc. (“We”, “Us”), a Delaware Corporation. We do not guarantee that the website will operate in an uninterrupted or error-free manner or is free of viruses or other harmful components. The content on our site is provided for general information only and is not intended as an exhaustive treatment of its subject. We expressly disclaim any contractual or fiduciary relationship with you on the basis of the content of our site, any you may not rely thereon for any purpose. You should consult with qualified professionals or specialists before taking, or refraining from, any action on the basis of the content on our site. Although we make reasonable efforts to update the information on our site, we make no representations, warranties or guarantees, whether express or implied, that the content on our site is accurate, complete or up to date, and DISCLAIM ANY IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE. Some of the content posted on this site has been commissioned by Us, but is the work of independent contractors. These contractors are not employees, workers, agents or partners of TransferWise and they do not hold themselves out as one. The information and content posted by these independent contractors have not been verified or approved by Us. The views expressed by these independent contractors on do not represent our views.