The US Dollar Indian Rupee (INR/USD) exchange rate is plunged over 1% across the European session hitting a 5-month low of 73.96.
The Indian Rupee is benefiting from a strong Indian equities market and rising bond yields. The Indian Sensex has surged over 3% this month alone. This is distracting investors from rising covid cases as India’s total coronavirus caseload tops 3 million.
The US Dollar is out of favour across the board as investors look ahead to a speech by Federal Reserve Chair Jerome Powell on Thursday, the first day of the central bankers’ Jackson Hole Symposium. Powell could indicate more monetary easing is on the cards to support the US economy.
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