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INR bank notes

The US dollar is flat against the Indian rupee on Wednesday because currency markets are closed for the Gudi Padwa, the spring festival that marks the traditional New Year for Marathi and Konkani Hindus.

The passing of a big US fiscal stimulus package had been priced into markets over the past several days with a modest move away from havens like the dollar and a little more interest in risky currencies.

The lockdown of 1.3 billion people in India to combat the coronavirus has meant the rupee has not been benefitted from the more positive mood across markets and hit fresh record lows again this week.

USD/INR was last quoted at 76.37 as of 12pm GMT.

Moves in the currency pair had been more modest on Tuesday but the currency pair still hit record highs above 76, totalling +1.3% for the week to date.

Indian Rupee near record lows on Gudi Padwa

The Indian cultural holiday has given the nation’s currency a break from a relentless move lower in the past couple of weeks. Investors had been pulling funds out of India in anticipation of a global economic contraction and a sharp slowdown in India’s domestic performance.

Starting Wednesday, Indian Prime Minister announced the country with a population of 1.3 billion people will enter a full lockdown. He said: “To save India, and every Indian, there will be a total ban on venturing out of homes.”

US dollar boosted by new spending plan

Early Wednesday morning it was reported that after days of negotiations the United States Congress and White House had agreed a massive new $2 trillion spending plan. The plan is multi-faceted but includes enhanced unemployment insurance and a cheque being paid to every American.

In announcing the deal, Democratic Senate Minority Leader Chuck Schumer said “We have a bipartisan agreement on the largest rescue package in American history. This is not a moment of celebration but one of necessity.” The deal also seems to have the seal of approval from Donald Trump with Treasury Secretary Steve Mnuchin telling journalists that the President would “absolutely” sign it if Congress passes it. 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.