USD/INR extends pullback from weekly top, refreshes intraday low lately .
India covid recovery rate risen 97.19% amid record infections, death tolls elsewhere in Asia-Pacific.
Fitch cuts India growth forecast, India–UK negotiations on trade agreement will begin during late 2021.
Risk-off mood backs US dollar amid a light-weight calendar, virus updates are the key.
USD/INR takes offers around 74.63, down 0.15% intraday, amid the initial Indian session trading on Friday. In doing so, the Indian rupee (INR) pair drops for the second consecutive day after refreshing the weekly high amid the coronavirus (COVID-19)-led risk-off mood.
While the market sentiment remains sluggish amid fears of the covid resurgence and variants, India registers a jump within the recovery rate to 97.19% on Friday, per the newest report from Health Ministry. Reuters conveys additional details as, “India reports 44,459 daily rise in recoveries; total recoveries at 29.89 million, active cases at 458,727.”
Read: Coronavirus Update: South Korea marks record infections, NSW hints another week-long lockdown
Also favoring the USD/INR prices might be the headlines suggesting optimism over the India-UK trade agreement talks. the newest update from NewsRise shared by Reuters hints at the late 2021 discussion over the much-awaited trade talks.