inr-symbol-forex-performanc - INR

India’s Rupee is paring its recent gains against the greenback, which was kept afloat by the Fed. At the currency market, the value of Rupee depreciated by 10 paise settling down -0.14% at 71.29 against the US dollar. However, the USD/INR exchange rate was seen trading within a trading range of 71.13 and 71.38.

The main catalyst behind the INR sell off was mainly the US dollar strength. The US Federal Reserve kept its interest rate policy unchanged on Wednesday and reaffirmed its stance on 2% inflation target. The Fed Committee left benchmark funds rate between 1.5% to 1.75% following 3 consecutive rate cuts in 2019.

In other news, the Reserve Bank of India (RBI) has named Janak Raj has the third member of the monetary policy committee (MPC). Janak Raj replaced Micheal Patra who was appointed as Deputy Governor.

Looking forward over the economic calendar, on Friday a stream of domestic data will keep Rupee on the edge ahead of the Union Budget for 2020. The most important piece of risk event will come in the form of the final GDP growth rate for the fiscal year 2019 – 2020. India’s economy is forecast to grow by 5.0% compared to 6.8 % expansion seen at the end of 2018.

The dollar index settled higher 0.09% at 98.06 for five consecutive days.

Elsewhere, foreign institutional investors (FIIS) were net sellers of shares in the local equity market worth Rs -1014.27 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 1520.9 crore.

The domestic benchmark equity index NIFTY 50 settled on a positive tone, closing up 0.61% at 12,129.50. However, during early Asia trading hours on Thursday, NIFTY 50 was seen touching a new low for the week and was seen quoted at 12,019.85.

The Indian 10-year government bond yield was seen quoted at 6.56% in morning trade compared with its previous close of 6.57%.

Currently, at the interbank market, one US dollar buys 71.57 Rupees, up 0.39% as of 8:00 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.