• Indian Rupee (INR) rises for a third straight day
  • China property sector support is extended until 2024
  • US Dollar (USD) falls across the board
  • Fed speakers in focus

The US Dollar Indian Rupee (USD/INR) exchange rate is falling for a third straight session. The pair fell -0.1% in the previous session, settling on Monday at 82.52. At 13:30 UTC, USD/INR trades -0.11% at 82.43 and trades in a range of 82.74 to 82.63.

The Rupee is heading higher, tracking gains in Asian currencies amid an upbeat market mood. Riskier currencies are being supported by optimism that the Fed is close to ending its hiking cycle and that Chinese authorities will support the economy as its post-pandemic rebound stalls.

China announced that it will extend some policies in a rescue package to shore up the real estate sector until the end of 2024. The move has soothed some fears over slowing growth in China and fueled bets of more stimulus spending by Beijing.

The US Dollar is falling across the board. The US Dollar Index, which measures the greenback versus a basket of major currencies, trades at +0.16% at the time of writing at 101.90, extending losses from the previous session.

The US dollar is weakening across the board as investors just last for cash comment from Federal Reserve speakers. In the previous session, several federal officials pointed to raising interest rates in July but suggested that it may be difficult to keep raising interest rates thereafter.

The less hawkish comments combined with Friday’s weaker-than-expected US nonfarm payroll report are fueling bets that the Federal Reserve could be near end of its hiking cycle.

Today there is no high impacting U.S. economic data. Attention is on Saint Louis Federal Reserve President, who is due to speak shortly.

However, the key focus this week is tomorrow’s inflation report which is expected to see inflation cool to 3.1% year on year. Cooler-than-expected inflation could see less aggressive Fed bets and pull the US dollar lower.