{"id":100222,"date":"2020-05-19T02:27:11","date_gmt":"2020-05-19T06:27:11","guid":{"rendered":"https:\/\/currencylive.com\/news\/?p=100222"},"modified":"2020-05-19T03:37:56","modified_gmt":"2020-05-19T07:37:56","slug":"103234-usd-inr-greenback-loses-momentum-amid-optimism-about-vaccine","status":"publish","type":"post","link":"https:\/\/currencylive.com\/news\/103234-usd-inr-greenback-loses-momentum-amid-optimism-about-vaccine\/","title":{"rendered":"USD\/INR: Greenback Loses Momentum Amid Optimism About Vaccine"},"content":{"rendered":"<p><a href=\"https:\/\/currencylive.com\/exchange-rate\/usd-to-inr-exchange-rate-today\/\">USD\/INR<\/a> continues to trade sideways on larger timeframes. Currently, one <a href=\"https:\/\/currencylive.com\/exchange-rate\/usd-us-dollar-live-exchange-rate\/\">US dollar<\/a> buys 92.297 <a href=\"https:\/\/currencylive.com\/exchange-rate\/inr-indian-rupee-live-exchange-rate\/\">Indian rupees<\/a>, up 0.02% as of 5:50 AM UTC. Earlier this morning, the price peaked at 92.575.<\/p>\n<p>The American currency has lost momentum after US-based biotech firm Moderna announced positive results for its COVID vaccine.<\/p>\n<p>Moderna said that all 45 participants in its phase one trial had produced antibodies to the new coronavirus. Investors are gradually dumping safe havens like the USD to focus on riskier assets.<\/p>\n<p>The US Dollar Index, which tracks the American currency against a basket of six other currencies, declined by 0.02%.<\/p>\n<p>Junichi Ishikwa, senior FX strategist at IG Securities, <a href=\"https:\/\/www.cnbc.com\/2020\/05\/19\/forex-markets-us-dollar-coronavirus-vaccine-optimism-in-focus.html\">told<\/a> CNBC:<\/p>\n<p>\u201c<em>There has been a big improvement in risk sentiment because of hopes for a vaccine. Volatility is falling for stocks and dollar-funding costs are lower. It\u2019s easy for the dollar to fall and for other currencies to ride the dollar\u2019s losses higher<\/em>.\u201d<\/p>\n<p>Meanwhile, Federal Reserve Chairman Jerome Powell stressed that the central bank was ready to use its \u201cfull range of tools to support the economy.\u201d The Fed would maintain interest rates near zero until the economy is recovering.<\/p>\n<p>Powell will appear later today for a virtual hearing with US Treasury Secretary Steven Mnuchin at the Senate\u2019s CARES Act Report.<\/p>\n<div class=\"su-button-center\"><a href=\"https:\/\/currencylive.com\/exchange-rate\/usd-to-inr-exchange-rate-today\/\" class=\"su-button su-button-style-flat button-internalbutton\" style=\"color:#ffffff;background-color:#f92658;border-color:#c81f47;border-radius:5px\" target=\"_self\"><span style=\"color:#ffffff;padding:0px 22px;font-size:17px;line-height:34px;border-color:#fb688b;border-radius:5px;text-shadow:none\"> Check real time USD to INR exchange rate<\/span><\/a><\/div>\n<h2>Government Stimulus Won\u2019t Help Indian Economy Avoid Recession<\/h2>\n<p>As for India, economists are not confident that the stimulus package would help avoid the looming recession. Analysts at Bank of America and Nomura kept their earlier outlook figures pointing to a contraction of 0.1% and 5%, respectively, for the fiscal year 2021, even after the government announced its economic package worth over $130 billion.<\/p>\n<p>India\u2019s Prime Minister Narendra Modi announced last week a stimulus of up to 10 trillion rupees, which is 10% of GDP. Finance Minister Nirmala Sitharaman provided more details about the package on Sunday.<\/p>\n<p>Nomura analysts <a href=\"https:\/\/economictimes.indiatimes.com\/news\/economy\/indicators\/govts-stimulus-package-wont-stop-gdp-from-contracting-in-fy21-analysts\/articleshow\/75801324.cms\">concluded<\/a>:<\/p>\n<p>\u201c<em>The package may fall short of mitigating the near-term challenges for some businesses, but it is better designed to improve India&#8217;s medium-term growth potential and attract long-term risk capital<\/em>.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>USD\/INR continues to trade sideways on larger timeframes. Currently, one US dollar buys 92.297 Indian rupees, up 0.02% as of 5:50 AM UTC. Earlier this morning, the price peaked at 92.575. The American currency has lost momentum after US-based biotech firm Moderna announced positive results for its COVID vaccine. Moderna said that all 45 participants [&hellip;]<\/p>\n","protected":false},"author":163946609,"featured_media":65341,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1693,1381],"tags":[1747,1666,1445,1398],"class_list":{"0":"post-100222","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-inr","8":"category-usd","9":"tag-indian-economy","10":"tag-inr","11":"tag-jerome-powell","12":"tag-usd"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>USD\/INR: Greenback Loses Momentum Amid Optimism About Vaccine - Currency Live<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/currencylive.com\/news\/103234-usd-inr-greenback-loses-momentum-amid-optimism-about-vaccine\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Anatol Antonovici\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/103234-usd-inr-greenback-loses-momentum-amid-optimism-about-vaccine\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/103234-usd-inr-greenback-loses-momentum-amid-optimism-about-vaccine\\\/\"},\"author\":{\"name\":\"Anatol Antonovici\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#\\\/schema\\\/person\\\/c9c031720b5822c1d9bb63b59c6535ce\"},\"headline\":\"USD\\\/INR: Greenback Loses Momentum Amid Optimism About Vaccine\",\"datePublished\":\"2020-05-19T06:27:11+00:00\",\"dateModified\":\"2020-05-19T07:37:56+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/103234-usd-inr-greenback-loses-momentum-amid-optimism-about-vaccine\\\/\"},\"wordCount\":371,\"image\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/103234-usd-inr-greenback-loses-momentum-amid-optimism-about-vaccine\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/currencylive.com\\\/news\\\/wp-content\\\/uploads\\\/2019\\\/11\\\/usd-inr-indian-rupee-us-dollar-currencies.jpg\",\"keywords\":[\"indian economy\",\"inr\",\"Jerome Powell\",\"usd\"],\"articleSection\":[\"INR\",\"USD\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2020\",\"copyrightHolder\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/103234-usd-inr-greenback-loses-momentum-amid-optimism-about-vaccine\\\/\",\"url\":\"https:\\\/\\\/currencylive.com\\\/news\\\/103234-usd-inr-greenback-loses-momentum-amid-optimism-about-vaccine\\\/\",\"name\":\"USD\\\/INR: Greenback Loses Momentum Amid Optimism About Vaccine - 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