USD/INR: Rupee Enjoys the Biggest Rally since September

Indian Rupee has taken advantage of the easing risk-off bids and it’s enjoying its biggest rally against the greenback since the beginning of September. At the interbank market, the value of Rupee appreciated by 31 paise settling up 0.43% at 71.15 against the US dollar.

The USD/INR exchange rate traded on Thursday within a trading of 71.49 and 71.27.
Following the meltdown in the aftermath of Iran air striking two US military bases in Iraq, the domestic currency of the second-largest economy in Asia has taken the lead among emerging market currencies and erased all previous losses.

The dollar index, which gauges the greenback’s strength against a basket of major currencies, held firm settling up 0.13% at 97.44.

Elsewhere, foreign institutional investors (FIIS) were net sellers of shares in the local equity market worth Rs -431.11 crore; according to the National Stock Exchange of India data published at the end of Tuesday’s trading session. On the other hand, Domestic institutional investors were net buyers of equities worth Rs 419.22 crore.

In other news, Prime Minister Modi said in a private meeting with business leaders that “Indian economy has strong fundamentals, potential to bounce back.”

“Unwavering in our commitment to become a five trillion dollar economy! Today had in-depth consultations with economists, business leaders and policy experts from various fields on a diverse range of subjects. Such synergy augurs well for national progress,” the PM said in a tweet.

The domestic benchmark equity index NIFTY 50 recovered its weekly losses and settled up 1.58% at 12,215.90 on Thursday. However, during early Asia trading hours, NIFTY 50 was seen gaping higher to a new all-time high at 12,311.20.

The Indian 10-year government bond yield was seen quoted at 6.58% in morning trade compared with its previous close of 6.53%.

Looking forward over the economic calendar, currency traders are eyeing next the US Non-Farm Payroll for December. The Wall Street analysts are forecasting the US labor market to add 164k new jobs compared to 266k previous reading.

Currently, one US dollar buys 71.09 rupees, down -0.08% as of 10:00 AM UTC. 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.