indian-rupee-bank-notes - INR

INR caught a bid against the USD amid improved risk sentiment withstanding the negative effect of the Union budget. At the interbank market, the value of Rupee appreciated by 31 paise settling up 0.43% at 71.31 against the US dollar. However, the USD/INR exchange rate was seen trading on Monday within a trading range of 71.74 and 71.30.

The Union budget for the current fiscal year will continue to weigh in on the INR exchange rate. Despite the INR performance against the greenback following the budget release the markets will remain cautious.

The newly announced fiscal measured amid to boost the economy are also going to widen the fiscal deficit as the budget spending is expected to increase by 13%.

Elsewhere, fears over the coronavirus outbreak have moderately faded after China pledged to intensify its action to reduce the spread of the new epidemic. In the short-term, the virus-related uncertainty will continue to weigh in on the global markets.

The dollar index, which gauges the greenback’s strength against a basket of major currencies, recovered Friday’s losses to settle up 0.48% at 97.83.

Elsewhere, foreign institutional investors (FIIS) were net sellers of shares in the local equity market worth Rs -1200.27 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 1286.63 crore.

The domestic benchmark equity index NIFTY 50 recovered modestly following the worst sell off since October 2018. At the end of Monday close, NIFTY 50 index settled up 0.39% at 11,707.90. However, during early Asia trading hours on Tuesday, Indian shares shake off its post-Budget losses and was seen quoted at 11,954.05.

The Indian 10-year government bond yield was seen quoted at 6.51% in morning trade compared with its previous close of 6.51%.

Currently, at the interbank market, one US dollar buys 71.14 Rupees, down -0.24% 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.