The US Dollar Indian Rupee (USD/INR) exchange rate is heading higher for the second straight day. The pair trades +0.3% at 73.54.
The Indian service sector contracted again in August. The service sector PMI printed at 41.8. Whilst this was up from July’s 34.2 it still marked the sixth straight month of activity in the sector shrinking. The service sector accounts for 54% of the GDP meaning that the service sector PMI is a critical gauge.
The US Dollar is trading higher across the board as investors await a slew of data releases. Initial jobless claims are expected to fall below 1 million, whilst the employment component of the ISM non-manufacturing report will also be in focus.