In the view of analysts at Australia and New Zealand (ANZ) banking group (ANZ), the Indian rupee remains exposed to further downside risks in the near-term amid persisting coronavirus crisis. Key quotes “Expect RBI to keep intervening in order to maintain rupee competitiveness vis-à-vis Chinese yuan. Fed’s emergency 50 bps cut may stem decline in rupee in near-term but if contagion spreads, INR may fall more. Believe risk to further near-term rupee weakness high, especially given seasonal weakness in Apr-Jun. INR’s relative resilience has given way due to heightened global market volatility, more virus cases in India.” USD/INR drops to test 73.00 The rupee bulls were rescued by the emergency Fed rate cut overnight that sent the US dollar broadly lower to a new-month low of 97.00. The collapse in the US Treasury yields as investors ran for cover in the US bonds knocked-off the greenback. In response to the Fed surprise move, the USD/INR opened Wednesday’s trading with a bearish gap of about 23-pips to test the 73.00 support area. At the press time, the spot trades flat, printing daily lows at 73.03. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next USD/CAD slips below 1.3350 with eyes on BOC FX Street 3 years In the view of analysts at Australia and New Zealand (ANZ) banking group (ANZ), the Indian rupee remains exposed to further downside risks in the near-term amid persisting coronavirus crisis. Key quotes “Expect RBI to keep intervening in order to maintain rupee competitiveness vis-à-vis Chinese yuan. Fed's emergency 50 bps cut may stem decline in rupee in near-term but if contagion spreads, INR may fall more. Believe risk to further near-term rupee weakness high, especially given seasonal weakness in Apr-Jun. INR’s relative resilience has given way due to heightened global market volatility, more virus cases in India.” USD/INR drops to… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
