inr-bank-notes - INR
  • Indian Rupee (INR) paring gains from the previous session as risk sentiment performs a U -turn
  • World Health Organisation warns that second wave of coronavirus could be worse than the first
  • Safe haven US Dollar (USD) is advancing across the board as reopening roll back and ahead of Federal Reserve Jerome Powell’s speech today.
  • US Dollar Indian Rupee exchange rate (USD/INR) trades +0.1% at 75.56

The US Dollar Indian Rupee settled on Monday -0.2% at 75.51. Today the pair is paring those losses. The pair continues to trade in a familiar range of 74.5 – 76.5 which it has traded between since mid-March when the coronavirus pandemic spread outside of China.

Risk aversion was dominating across global financial markets following a stark warning from the World Health Organization. The warning that the worst is yet to come, comes as areas of the US start to roll back reopening plans and as countries across the globe, including India re-impose strict localised lock down measures to control spikes in coronavirus cases.

In India the number of daily coronavirus cases increased by 20,000, taking the total to 567,000. The death toll sits at 16,000.

New that India is sensing its first covid-19 vaccine candidate for human trials could offer some support to sentiment. The Drug Controller General of India has approved phase 1 and phase 2 trials of Covaxin, the first domestic candidate. Human clinical trials will begin in July.

The mood in the market has soured from yesterday, when US pending home sales data smashed expectations, surging 44.3% in May, fuelling hopes of a rapid recovery in the housing market. Analysts had expected an increase of just 18.9% after a plunge in April.

Today that optimism has been replaced with fear as investors look ahead to a speech by Federal Reserve Chairman Jerome Powell, shortly after he warned of an extraordinarily uncertain economic recovery.

US consumer confidence data will also be in focus. This is a closely watched macro data point because the US economy is consumer driven. A more optimistic consumer will spend more aiding a quick economic recovery. Meanwhile stalling consumer confidence could unnerve investors and boost the safe haven US Dollar. 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.