inr-currency-symbol - INR

Indian Rupee plunged against the greenback ahead of India’s Union Budget for 2020. At the interbank market, the value of Rupee depreciated by 10 paise settling down -0.32% at 71.52 against the US dollar. However, the USD/INR exchange rate was seen trading within a trading range of 71.29 and 71.74.

India’s Union Budget for 2020 scheduled to be released on 1st of February has the potential to put in jeopardy PM Modi’s $5 trillion economic ambitions. All eyes will be on Finance minister Nirmala Sitharaman as there are growing expectations that the new measures can revive the lackluster economic growth.

The GDP growth rate slumped to  4.5% the slowest economic growth pace in more than six years.The slump in the economic growth activity came due to both internal factors such as a slowdown in manufacturing and consumer demand as well as external factors such as global trade wars.

On the currency market, we can see further INR profit taking due to the high uncertainty around the Union Budget 2020.

The dollar index settled down -0.20% at 97.86 interrupting a series of 5 consecutive days of gains.

Elsewhere, foreign institutional investors (FIIS) were net sellers of shares in the local equity market worth Rs -962.28 crore; according to the National Stock Exchange of India data published at the end of Thursday’s trading session. On the other hand, Domestic Institutional Investors (DIIs) were net buyers of equities worth Rs 292.35 crore.

The domestic benchmark equity index NIFTY 50 settled on a negative tone, closing down -0.77% at 12,035.80. However, during early Asia trading hours on Friday, NIFTY 50 was seen touching a new low for the week and was seen quoted at 11,961.75.

The Indian 10-year government bond yield was seen quoted at 6.59% in morning trade compared with its previous close of 6.56%.

Currently, at the interbank market, one US dollar buys 71.40 Rupees, down -0.16% as of 7:56 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.