indian-rupee-bank-notes - INR

The US dollar is higher against the Indian rupee on Thursday morning with the greenback surging against almost every global currency in a huge flight to safety as financial markets crack under the weight of the coronavirus pandemic.

USD/INR was higher by 57 pips (+0.77%) to 74.26 with a daily range of 74.55 to 75.15 as of 10am GMT. USD/INR jumped through weekly resistance at 74.50 to reach 75 for the first time. The exchange rate is now +1.76% for the week.

 Indian rupee falls as India outflows top $10 billion

A rising number of coronavirus cases in India are adding to local concern, pulling the currency down with Indian stock markets. The Sensex is off 2017 lows reached earlier in the day after a daily decline of over 7% while the Nifty 50 is down near the lows after the November 2016 Cash ban.

According to Bloomberg data, investment outflows from Indian shares and bonds have topped $10 billion this month alone. There was some hope on Thursday that Prime Minister Narendra Modi may increase the levels of stimulus already announced to tackle the coronavirus pandemic.

So far the Reserve Bank of India has held back from a major intervention but has reportedly been selling dollars and buying rupees through local banks to stem the decline of the rupee.

US dollar continues upsurge after latest Fed intervention

For the moment there is little that global central banks can do against a flood of international capital exiting foreign currencies and buying dollars. Dollar shortages are being widely cited despite the massive influx of liquidity already being offered by the Federal Reserve.

New measures were introduced by the Fed overnight in concert with a surprise move from the European Central Bank (ECB), more action from the Bank of Japan (BOJ) and Bank of Korea and an expected announcement from the Reserve Bank of Australia (RBA). The Fed started a new facility designed to support mutual funds from large investor redemptions called the called the Money Market Mutual Fund Liquidity Facility. 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.