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.
Currencylive.com is a news site only and not a currency trading platform. Currencylive.com is a site operated by Wise US Inc ("We", "Us"), a Delaware Corporation. We do not guarantee that the website will operate in an uninterrupted or error-free manner or is free of viruses or other harmful components. The content on our site is provided for general information only and is not intended as an exhaustive treatment of its subject. We expressly disclaim any contractual or fiduciary relationship with you on the basis of the content of our site, any you may not rely thereon for any purpose. You should consult with qualified professionals or specialists before taking, or refraining from, any action on the basis of the content on our site. Although we make reasonable efforts to update the information on our site, we make no representations, warranties or guarantees, whether express or implied, that the content on our site is accurate, complete or up to date, and DISCLAIM ANY IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE. Some of the content posted on this site has been commissioned by Us, but is the work of independent contractors. These contractors are not employees, workers, agents or partners of Wise and they do not hold themselves out as one. The information and content posted by these independent contractors have not been verified or approved by Us. The views expressed by these independent contractors on currencylive.com do not represent our views.