Indian PM Modi: India to go under complete lockdown for 21 days from Wednesday

Indian Prime Minister Modi has announced that a nationwide lockdown will be imposed for 21 days starting Wednesday to stem the spread of the coronavirus in the country.

"To save India, and every Indian, there will be a total ban on venturing out of homes," the PM said while addressing the nation. Modi acknowledged that the lockdown will have economic costs for the country but argued that the setback will be by decades if India cannot lockdown for 21 days.

Market reaction

The USD/INR pair spiked to 76.45 with the initial reaction and was last seen trading flat on the day at 76.35.