The USDINR pair opened on a flat note at 75.86 and from thereon, its a complete downslide making a low of 75.10 levels. New welfare measures from the Indian government announced on Thursday have helped both Indian shares and the rupee making substantial gains. Indian Finance Minister Nirmala Sitharaman announced a series of new welfare measures that it is expected would get people the basics they need if work or food production is affected by the coronavirus. Rs 1.7 lakh cr stimulus package if well executed will certainly provide some respite to the low income groups. Additionally, news that the Senate had passed a $2 trillion emergency bailout package for American people and businesses was taken as a cue to buy risky assets and sell safe havens. Meanwhile, domestic indices extended gains by 4% amid global and domestic positive cues and India's 10 year bond yield ended lower by 8bps to 6.22%. The pound is llikely to trade on a volatile note as the benchmark lending rate is anticipated to stay at 0.10 percent with the bond purchasing program (QE) remaining at GBP645 billion. The UK central bank will be conducting another Contingent Term Repo Facility (CTRF) operation on April 2.
USDINR CHART (Daily Chart)
Equity indices rallied for the third consecutive day as the constant efforts by the government to tackle the economic fallout and business disruption due to Covid-19 lockdown kept the market participants buoyant.The market saw a swift short-covering move on the expiry day largely supported by global cues. The $2 trillion package from the US government also lifted sentiment. At close, the Sensex ended with gains of 1,410 points to end at 29,946, while the Nifty50 rose 323 points to close at 8641.
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