The USD/INR pair is projected to crash to its support level soon

Even with the upset faced by the Indian rupee this Wednesday’s trading, the USD/INR pair is projected to crash to its support level soon. The relative weakness of the Indian rupee today is the recent downside in the country’s stock market. However, looking at the fundamentals, it has more potential than the US dollar. The precious safe-haven currency is feeling the burn of concerns about negative interest rates from the US Federal Reserve. And the gradual reopening of other major economies across the globe has also helped deteriorate the safety appeal of the buck. As for the Indian rupee, another factor that’s holding it back is the billion-stimulus relief package announced by Indian Prime Minister Modi yesterday. According to local reports, the authorities have prepared a staggering 20 trillion Indian rupee economic stimulus, or about $265 billion, that will be allocated for labor, land, small, and medium-sized businesses affected by the pandemic.