The Indian Rupee is trading mildly lower after two straight of gains versus the US Dollar. The Indian Rupee settled +0.07% at 75.64 on Tuesday.

At 11:30 UTC, USD/INR is trading +0.03% higher at 75.66. This is towards the lower end of the daily traded range of 75.55 – 75.86. The pair continues to trade within the range of 74.5 – 77 the all-time low, a range that has been in place since the coronavirus outbreak mid-March.

INR: Rating Agencies Talk Down Modi’s Rescue Package

The Indian Rupee advanced across the start of the week on improved risk sentiment thanks to encouraging vaccine headlines. The risk rally saw investors snatching up riskier assets and currencies such as the Indian Rupee in place of safe havens such as the US Dollar.

However, mid-week and the mood in the market is seesawing and disappointment from the Indian government’s budget as well as its recent rescue package are weighing on demand for the Rupee.

Domestically the Rupee is under pressure after domestic rating agency Cresil talked down the expected impact of the government’s recently announced $266 billion rescue package. The rating agency said that the package is unlikely to stimulate demand as it is focused on supply side.

International rating agency Fitch also criticised the package saying it fails to address the immediate concerns of the economy. The rating agency expects the actual fiscal impact of the stimulus package to be only around 1% of GDP compared to claims of 10%

USD: FOMC Minutes In Focus

US Dollar investors will now look ahead to the release of the minutes from the latest Federal Reserve monetary policy meeting. This was the April 28/29 meeting where no policy action was taken, as expected.

The minutes will be closely analysed for any clues as to possible policy tool changes that the Federal Reserve could be considering. Negative interest rate speculation has attracted a lot of media attention over the past week. Whilst the Fed has been pushing back against adopting such a policy, any positive mention of negative rates at the meeting could weigh on the value of the US Dollar.

Federal Reserve Chairman Jerome Powell has made several appearances so far this week on TV and before the Senate banking committee. Therefore, the minutes from the FOMC are unlikely to reveal anything new. 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.