The US dollar is lower against the Indian rupee on Thursday.

New welfare measures from the Indian government announced on Thursday have helped both Indian shares and the rupee make substantial gains. The rupee is playing some catch-up on Thursday since Indian FX markets were closed for a national holiday on Wednesday.

The dollar is also under some downward pressure before what is expected be a very ugly weekly jobless claims data point later today.

USD/INR was lower by 99 pips (-1.30%) to 75.36 with a daily range of 75.16 to 76.37 as of 10am GMT.

The currency pair tanked from record highs above 76 to just above 75 in early trading on Thursday, leaving it flat on the week at -0.04%.

Indian rupee jumps on new coronavirus welfare scheme

Indian Finance Minister Nirmala Sitharaman announced a series of new welfare measures that it is hoped will get people the basics they need if work or food production is affected by the coronavirus. It includes a Rs 1.70 lakh crore Pradhan Mantri Gareeb Kalyan scheme where poor people will receive 5 kilograms of wheat or rice and 1 kilogram of preferred pulses for free each month for the next three months.

Additionally, news that the Senate had passed a $2 trillion emergency bailout package for American people and businesses was taken as a cue to buy up riskier currencies like the rupee and sell havens like the dollar.

US dollar under pressure before jobless claims data

The dollar is coming down into many expect to be a huge leap in layoffs and unemployment insurance claims in the previous week. However, if risk sentiment deteriorates because the number is that bad, the dollar could eventually benefit as a haven.

Many businesses will have had to close up shop and lay off employees when travel restrictions and stay-at-home orders were imposed by State governments.

Consensus estimates are between 1 and 1.5 million weekly US jobless claims with some outlier estimates as high as 4 million. A large number would make it likely that the US records its first monthly jobs contraction in next week’s March non-farm payrolls report. 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.