{"id":101793,"date":"2020-07-08T07:22:51","date_gmt":"2020-07-08T11:22:51","guid":{"rendered":"https:\/\/currencylive.com\/news\/?p=101793"},"modified":"2020-07-08T07:22:51","modified_gmt":"2020-07-08T11:22:51","slug":"103575-usd-inr-indian-rupee-falls-as-finance-ministry-confirms-4-5-contraction-expected-in-fy21","status":"publish","type":"post","link":"https:\/\/currencylive.com\/news\/103575-usd-inr-indian-rupee-falls-as-finance-ministry-confirms-4-5-contraction-expected-in-fy21\/","title":{"rendered":"USD\/INR: Indian Rupee Falls As Finance Ministry Confirms -4.5% Contraction Expected in FY21"},"content":{"rendered":"<ul>\n<li><strong>Indian Rupee (INR) under pressure as risk sentiment remains weak, Sensex trades lower<\/strong><\/li>\n<li><strong>Finance Ministry sees early signs of recovery in areas no longer under lockdown<\/strong><\/li>\n<li><strong>US Dollar (USD) advances on safe haven flows after Federal Reserve officials warn over economic recovery<\/strong><\/li>\n<li><strong>US Dollar Indian Rupee exchange rate (USD\/INR) extends gains for 2 straight session<\/strong><\/li>\n<\/ul>\n<p>The US Dollar Indian Rupee exchange rate settled on Tuesday +0.2% at 74.81 as the pair continues to trade around levels last seen in March. At 10:15 UTC, USD\/INR trades +0.3% at 75.05. This is at the top end of the daily traded range.<\/p>\n<p>Risk sentiment continues to weigh on demand for the riskier Indian Rupee. Fears of a resurgence in coronavirus cases, in addition to escalating tension between US and China, have added to the risk off mood.<\/p>\n<p>The White House is reportedly weighing up a proposal to undermine the Hong Kong Dollar\u2019s peg against the US Dollar. The move would be in response to recent moves by China to chip away at freedom in financial hub Hong Kong. The proposal hasn\u2019t gained much traction yet, but if it were to be approved China would almost certainly respond.<\/p>\n<p>Fears of surging coronavirus numbers are also boosting the safe haven US Dollar. Total cases in the US have reached 3 million. Federal Reserve officials warned that the rising number of coronavirus cases could negatively impact the fragile economic rebound.<\/p>\n<p>Looking ahead there is no high impacting US data due to be released today. Investors will look ahead to US initial jobless claims data that well be released tomorrow. The jobless claims numbers will come after Tuesday\u2019s JOLT job vacancy data for May, which beat forecasts.<\/p>\n<p>The Indian Sensex trades lower snapping a 5-day winning streak. Foreign investors are net sellers adding to the Rupee\u2019s woes.<\/p>\n<p>However crude oil also traded 0.4% lower at $40.50, which is supportive of the Rupee as India is a buyer of oil.<\/p>\n<p>Looking ahead the Rupee could find itself supported after the finance ministry reported \u201cgreen shoots\u201d of recovery emerging in areas where lockdown restrictions have been eased. The report reiterated the International Monetary Fund\u2019s forecast of a -4.5% economic contraction in fiscal year 2021.<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Indian Rupee (INR) under pressure as risk sentiment remains weak, Sensex trades lower Finance Ministry sees early signs of recovery in areas no longer under lockdown US Dollar (USD) advances on safe haven flows after Federal Reserve officials warn over economic recovery US Dollar Indian Rupee exchange rate (USD\/INR) extends gains for 2 straight session [&hellip;]<\/p>\n","protected":false},"author":163946597,"featured_media":80615,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1693,1381],"tags":[1438,1409,2957,1666,1397,1398],"class_list":["post-101793","post","type-post","status-publish","format-standard","has-post-thumbnail","category-inr","category-usd","tag-federal-reserve","tag-gdp","tag-indian-rulee","tag-inr","tag-us-dollar","tag-usd"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.0 - 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