{"id":105239,"date":"2020-09-24T12:56:54","date_gmt":"2020-09-24T11:56:54","guid":{"rendered":"https:\/\/currencylive.com\/news\/?p=105239"},"modified":"2020-09-24T20:00:46","modified_gmt":"2020-09-24T19:00:46","slug":"104439-usd-inr-indian-rupee-drops-tracing-equities-lower","status":"publish","type":"post","link":"https:\/\/currencylive.com\/news\/104439-usd-inr-indian-rupee-drops-tracing-equities-lower\/","title":{"rendered":"USD\/INR: Indian Rupee Drops, Tracing Equities Lower"},"content":{"rendered":"<ul>\n<li><strong><a href=\"https:\/\/currencylive.com\/exchange-rate\/inr-indian-rupee-live-exchange-rate\/\">Indian Rupee<\/a> (INR) extends losses for 2<sup>nd<\/sup> session<\/strong><\/li>\n<li><strong>Indian equities markets drop for 6<sup>th<\/sup> straight session as investors sell out of riskier assets<\/strong><\/li>\n<li><strong><a href=\"https:\/\/currencylive.com\/exchange-rate\/usd-us-dollar-live-exchange-rate\/\">US Dollar<\/a> (USD) rises on safe haven flows after Fed builds case for additional fiscal stimulus<\/strong><\/li>\n<li><strong>US jobless claims in focus, 843,000 initial claims forecast<\/strong><\/li>\n<\/ul>\n<p>The US Dollar Indian Rupee (<a href=\"https:\/\/currencylive.com\/exchange-rate\/usd-to-inr-exchange-rate-today\/\">USD\/INR<\/a>) exchange rate is trading higher on Thursday, extending gains for a second consecutive day. The pair settled mildly higher +0.08% at 73.57 on Wednesday. At 12:30 UTC, USD\/INR trades + 0.4% at 73.89.<\/p>\n<p>The Indian Rupee is tracing domestic equity markets lower. Indian shares traded on the back foot for a sixth straight session on Thursday, weighed down by Reliance and other information technology stocks. Fresh concerns over coronavirus restrictions not just in India, but across the globe are weighing on risk appetite and panicking the markets.<\/p>\n<p>Data yesterday revealed that the economic recovery was slowing as covid cases rise. Rising coronavirus cases threatening the recovery is sending investors in search of safe havens, such as the US Dollar rather than in search of riskier assets and currencies.<\/p>\n<p>The Nifty 50 tanked 3% to 10,805 and the Sensex also slid 3%, both hitting their lowest level since mid-July. Foreign investors were net sellers in the capital markets adding further pressure to the Indian Rupee.<\/p>\n<p>Demand for the US Dollar continues to rise across the board, supported by covid and economic recovery concerns. Data released on Wednesday revealed that the economic recovery in the both the US and in Europe was slowing. These fears were later fuelled by the US Federal Reserve, whose comments boosted safe haven demand.<\/p>\n<p>US Federal Reserve Chair Jerome Powell commented that the US economic recovery still had a long way to go. Jerome Powell sees the need for more fiscal stimulus. However, with the US elections in November, the chances of additional fiscal stimulus are slim. So far, Democrats and Republicans have failed to agree on additional support. The prospect of no more fiscal support in the US for at least a few months is sending a chill through the markets.<\/p>\n<p>US jobless claims data is up next. Expectations are for 843,000 initial jobless claims. This is slightly down from 860,00 recorded last week. Any sign that the labour market recovery is also slowing could boost demand for safe havens and the US Dollar.<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Indian Rupee (INR) extends losses for 2nd session Indian equities markets drop for 6th straight session as investors sell out of riskier assets US Dollar (USD) rises on safe haven flows after Fed builds case for additional fiscal stimulus US jobless claims in focus, 843,000 initial claims forecast The US Dollar Indian Rupee (USD\/INR) exchange [&hellip;]<\/p>\n","protected":false},"author":163946597,"featured_media":47323,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1693,1381],"tags":[1408,1655,1666,1536,2460,1397,1398],"class_list":{"0":"post-105239","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-inr","8":"category-usd","9":"tag-fed","10":"tag-indian-rupee","11":"tag-inr","12":"tag-jobless-claims","13":"tag-sensex","14":"tag-us-dollar","15":"tag-usd"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - 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