Indian Rupee Opened Weaker Amid Surging Covid-19 Infections

Indian Rupee Opened Weaker Amid Surging Covid-19 Infections

12 Apr 2021 10:07 AM
 

USD/INR

Indian rupee opened lower at 74.96 compared to 74.74 in the previous session as surging coronavirus infections raise concerns about the economic recovery. Lower Asian peers due to falling US stock futures also weighed on the pair. Daily infections in India touched a record of 170,000 in the last 24 hours. Dollar index was up 0.1% at 92.26. Ten-year US yield was at 1.66%. Later in the day, India’s March CPI data and February Industrial output data are due out. Foreign investors were net sellers of 6.54 billion rupees worth of Indian equities on Apr 9. Brent crude was 0.5% higher at $63.25 per barrel after dropping almost 3% last week.

EUR/USD

It’s a relatively quiet day for Euro on the economic calendar. February retail sales for the Eurozone are due out and are expected to influence with ECB looking for consumer spending to boost the economic recovery. However, upside move may be limited by the renewed lockdowns. Coronavirus news and updates on the vaccine drive will remain the key drivers. At the time of writing, Euro was down 0.05% to $1.1890.

GBP/USD

It’s an uneventful day for Pound on economic calendar. With no material stats due out to provide the pair with direction, it is left in the hands of coronavirus news and vaccine updates. At the time of writing, Pound was down 0.15% to $1.3687.

USD/JPY

It’s a quiet day for Yen on the economic calendar. Focus will be on renewed restrictions in Tokyo, Kyoto, and Okinawa due to Japan’s slow vaccine rollout. At the time of writing, Yen was down 0.09% to $109.55.                                                                                                                                                                                               

Important data releases today

Time

CCY

Event

Forecast

Previous

17:30

INR

CPI (YoY) (Mar)

5.40%

5.03%

17:30

INR

Industrial Production (YoY) (Feb)

-3.0%

-1.6%

17:30

INR

Manufacturing Output (MoM) (Feb)

-

-2.0%