inr-exchange-rates - INR

USD/INR continues to trade sideways on larger timeframes. Currently, one US dollar buys 92.297 Indian rupees, up 0.02% as of 5:50 AM UTC. Earlier this morning, the price peaked at 92.575.

The American currency has lost momentum after US-based biotech firm Moderna announced positive results for its COVID vaccine.

Moderna said that all 45 participants in its phase one trial had produced antibodies to the new coronavirus. Investors are gradually dumping safe havens like the USD to focus on riskier assets.

The US Dollar Index, which tracks the American currency against a basket of six other currencies, declined by 0.02%.

Junichi Ishikwa, senior FX strategist at IG Securities, told CNBC:

There has been a big improvement in risk sentiment because of hopes for a vaccine. Volatility is falling for stocks and dollar-funding costs are lower. It’s easy for the dollar to fall and for other currencies to ride the dollar’s losses higher.”

Meanwhile, Federal Reserve Chairman Jerome Powell stressed that the central bank was ready to use its “full range of tools to support the economy.” The Fed would maintain interest rates near zero until the economy is recovering.

Powell will appear later today for a virtual hearing with US Treasury Secretary Steven Mnuchin at the Senate’s CARES Act Report.

Government Stimulus Won’t Help Indian Economy Avoid Recession

As for India, economists are not confident that the stimulus package would help avoid the looming recession. Analysts at Bank of America and Nomura kept their earlier outlook figures pointing to a contraction of 0.1% and 5%, respectively, for the fiscal year 2021, even after the government announced its economic package worth over $130 billion.

India’s Prime Minister Narendra Modi announced last week a stimulus of up to 10 trillion rupees, which is 10% of GDP. Finance Minister Nirmala Sitharaman provided more details about the package on Sunday.

Nomura analysts concluded:

The package may fall short of mitigating the near-term challenges for some businesses, but it is better designed to improve India’s medium-term growth potential and attract long-term risk capital.” 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.