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USD/INR slips from 17-month high to sub-74.00 amid coronavirus carnage

  • USD/INR registers seven-day winning streak.
  • Global policymakers outstretch efforts to tame the coronavirus pandemic.
  • Cases spread speedily in South Korea, the US and Europe.

With the coronavirus (COVID-19) updates keep fueling the risk-aversion, USD/INR surges to 17-month high beyond 74.00, currently down 0.20% near 73.98, during the initial Indian session on Monday.

Although cases in South Korea and China have been declining off-late, the surge in the numbers from the US and Europe keeps fueling the fears that the global markets are up for a toss due to the deadly virus.

While portraying the risk-off the US treasury yields for 10 and 30 years’ tenure drop to the fresh record lows whereas are keeping the red with near 3.0% losses in China and 4% down in India.

US President Donald Trump is considering putting together extra measures to added coronavirus economic impact while Japanese Finance Minister Taro Aso gave no comments on the possibility of currency intervention.

Markets in India also bear the burden of the recent YES bank fiasco while coronavirus outbreak in the country continues to acquire the headlines.

Given the festive mood in India, coupled with a lack of major catalysts at home, investors will keep eyes on COVID-19 news for fresh impulse.

Technical Analysis

October 2018 high near 75.05 is on the bulls’ radars unless USD/INR prices slip below December 2018 top close to 72.89.

 

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