Indian Rupee benefited from a reverse in risk sentiment and appreciated against the greenback. At the currency market, the value of Rupee appreciated by 24 paise settling up 0.33% at 71.19 against the US dollar. However, the USD/INR exchange rate was seen trading within a trading range of 71.44 and 71.16.

US Dollar

The US stocks are leading the charge as risk appetite has improved over the past 24 hours. On Wall Street, the Dow Jones Industrial Average gained traction and closed higher 0.66%, gaining 187.05 points after it settled at 28,722.85. At the same time, the S&P 500 index rose 1% to 3,276.25.

The markets are still not out of the woods as the coronavirus outbreak in China will continue to weigh in and do further damage to risk assets.

“While the coronavirus outbreak is an unexpected risk factor that could move the markets if the situation deteriorates, and comparisons to the 2003 outbreak of severe acute respiratory syndrome (SARS) have been widespread, there are important differences,” said Joyce Chang, chief of global research at J.P. Morgan – citing Market Watch.

The dollar index, which gauges the greenback’s strength against a basket of major currencies, settled mildly higher 0.03% at 97.96. Currency traders are eyeing the Fed interest rate, which will be followed by Powell’s press conference.

Indian Rupee

Elsewhere, foreign institutional investors (FIIS) were net sellers of shares in the local equity market worth Rs -1357.56 crore; according to the National Stock Exchange of India data published at the end of Friday’s trading session. On the other hand, Domestic Institutional Investors (DIIs) were net buyers of equities worth Rs 711.7 crore.

The domestic benchmark equity index NIFTY 50 fell for the second day on Tuesday and settled down -0.52% at 12,055.80. However, during early Asia trading hours on Wednesday, NIFTY 50 gapped higher and was seen quoted at 12,161.65.

The Indian 10-year government bond yield was seen quoted at 6.58% in morning trade compared with its previous close of 6.58%.

Currently, at the interbank market, one US dollar buys 71.18 Rupees, down -0.01% as of 7:55 AM UTC. 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.