{"id":106966,"date":"2020-12-01T12:37:24","date_gmt":"2020-12-01T12:37:24","guid":{"rendered":"https:\/\/currencylive.com\/news\/?p=106966"},"modified":"2020-12-01T12:37:24","modified_gmt":"2020-12-01T12:37:24","slug":"104939-usd-inr-indian-rupee-hits-6-week-high","status":"publish","type":"post","link":"https:\/\/currencylive.com\/news\/104939-usd-inr-indian-rupee-hits-6-week-high\/","title":{"rendered":"USD\/INR: Indian Rupee Hits 6 Week High"},"content":{"rendered":"<ul>\n<li><strong><a href=\"https:\/\/currencylive.com\/exchange-rate\/inr-indian-rupee-live-exchange-rate\/\">Indian Rupee<\/a> (INR) traces domestic equity markets higher<\/strong><\/li>\n<li><strong>Sensex &amp; Nifty 50 hit record closing highs<\/strong><\/li>\n<li><strong><a href=\"https:\/\/currencylive.com\/exchange-rate\/usd-us-dollar-live-exchange-rate\/\">US Dollar<\/a> (USD) drops on safe haven outflows &amp; expectations of easing monetary policy<\/strong><\/li>\n<li><strong>US Fed Chair Jerome Powell speech &amp; manufacturing pmis in focus<\/strong><\/li>\n<\/ul>\n<p>The US Dollar Indian Rupee (<a href=\"https:\/\/currencylive.com\/\">USD\/INR<\/a>) exchange rate is falling lower on Tuesday, snapping a 3-session winning run. The pair settled on Monday +0.08% at 73.99. At 12:15 UTC, USD\/INR trades -0.45% at 73.65 after hitting a one and half month high.<\/p>\n<p>The Indian Rupee touched a six-week high of 73.45 earlier in the session boosted by foreign fund inflows into equities, although traders remain wary of central bank intervention to prevent a sharp rally in the currency.<\/p>\n<p>Domestic equities were advancing with both the Sensex and the Nifty 50 closing over 1% higher on Tuesday at record highs. Both indexes rallied hard across November with gains of around 11% each, driven by record inflows on vaccine optimism.<\/p>\n<p>Investors looked passed data which showed that India\u2019s manufacturing recovery showed signs of faltering in November.<\/p>\n<p>The Reserve Bank of India has also been aggressively buying up US Dollars to prevent a sharp appreciation and to ensure export competitiveness.<\/p>\n<p>The RBI is expected to leave interest rates unchanged on Friday after data revealed that the Indian stock market showed that the India stock market shrank by more than expected in the September quarter, whilst inflation remains persistently high.<\/p>\n<p>The US Dollar is trending lower on safe haven outflows as covid vaccine news and the expectation of more monetary easing pulled on demand for the US Dollar.<\/p>\n<p>Moderna announced that it applied for US and UK emergency vaccine authorisation on Monday, taking it a step closer to distribution.<\/p>\n<p>Expectations are on the rise that the Fed will ease monetary policy at its December meeting to help cushion the covid hit to the economy. Fed Chair Jerome Powell said that vaccine developments are very positive for the medium-term outlook. However, he added also acknowledged the near-term risks from covid.<\/p>\n<p>Looking ahead, Fed Powell will testify in front of the Senate. US ISM manufacturing data will also be in focus.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Indian Rupee (INR) traces domestic equity markets higher Sensex &amp; Nifty 50 hit record closing highs US Dollar (USD) drops on safe haven outflows &amp; expectations of easing monetary policy US Fed Chair Jerome Powell speech &amp; manufacturing pmis in focus The US Dollar Indian Rupee (USD\/INR) exchange rate is falling lower on Tuesday, snapping [&hellip;]<\/p>\n","protected":false},"author":163946597,"featured_media":82159,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1693,1381],"tags":[],"class_list":{"0":"post-106966","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-inr","8":"category-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: Indian Rupee Hits 6 Week High - 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