The paper aims to examine the ability of a global fear index (GFI) based on the COVID-19 pandemic and government policy responses as a measure of uncertainty in predicting eight Indian rupee-based exchange rate return series: the Australian dollar, the Canadian dollar, the Swiss franc, the US dollar, the euro, the British pound sterling, the New Zealand dollar, and the Japanese yen. The predictability of the daily Indian rupee-based exchange rate return series is tested using the recently developed wild bootstrap likelihood ratio test of Kim and Shamsuddin for the period 2 October 2020 to 8 March 2021. Both symmetric and asymmetric tests revealed GFI as an insignificant determinant of the Indian rupee-based exchange rate return series. However, government policy responses are a significant determinant of the rupee–dollar exchange rate return series.

中文翻译：

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大流行引起的恐惧和政府政策反应作为衡量外汇市场不确定性的指标：来自（a）对称狂野自举似然比检验的证据

本文旨在研究基于 COVID-19 大流行和政府政策反应的全球恐惧指数 (GFI) 的能力，作为预测八个基于印度卢比的汇率回报系列的不确定性指标：澳元、加元、瑞士法郎、美元、欧元、英镑、新西兰元和日元。使用最近开发的 Kim 和 Shamsuddin 在 2020 年 10 月 2 日至 2021 年 3 月 8 日期间的野生自举似然比检验来测试基于印度卢比的每日汇率回报系列的可预测性。对称和非对称检验均显示 GFI 是一个无关紧要的决定因素以印度卢比为基础的汇率回报系列。然而，