USD/INR is increasing on Friday, though larger timeframes show that the pair has been undecided since the start of the month. Currently, one US dollar buys 71.385 Indian rupees, up 0.09% as of 9:55 AM UTC. The pair has formed a symmetrical triangle and is about to break it either above the upper line or below the bottom line.

USD and INR bearish against other majors like JPY and CAD

The rupee continues to struggle amid India’s economic slowdown, while the greenback is under pressure as investors weigh the potential impact of the coronavirus outbreak on the global economic growth.

Indian finance minister Nirmala Sitharaman said earlier today that if needed, the government would implement more measures beyond those stipulated in the Union Budget 2020-21. The minister held a speech at a session on “Budget and Beyond” with executives from asset managers, tax consultancy, wealth advisory, and other firms. She said that Budget 2020-21 implied a positive impact on equity, foreign exchange, and bond markets.

“If more has to be done beyond the Budget 2020, we are willing to do that,” Sitharaman stated at the event.

On February 1, the government presented the main steps of the Union Budget to boost economic activity. Its responsibility to support the economy has increased, given that the Reserve Bank of India (RBI) has less room to ease the monetary policy because of the wild inflation.

Yesterday, we reported that India’s retail inflation had surged 7.59% in January, which is the highest level in six years.

Earlier today, the country’s commerce and industry ministry reported that wholesale inflation had accelerated to 3.1% last month, driven by fuel and power prices. Manufactured products also increased. In December, wholesale price inflation was 2.59%.

The US also reported on its inflation figures yesterday, with core consumer prices index rising 0.2% in January. However, the US doesn’t face stagflation threats, as its economy has been improving in the last few months, while the inflation figure maintains within the Fed’s 2% target. 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.