{"id":107623,"date":"2021-01-06T12:00:27","date_gmt":"2021-01-06T12:00:27","guid":{"rendered":"https:\/\/currencylive.com\/news\/?p=107623"},"modified":"2021-01-06T12:17:04","modified_gmt":"2021-01-06T12:17:04","slug":"105187-usd-inr-rupee-edges-higher-as-dominant-service-sector-expands-for-3rd-straight-month","status":"publish","type":"post","link":"https:\/\/currencylive.com\/news\/105187-usd-inr-rupee-edges-higher-as-dominant-service-sector-expands-for-3rd-straight-month\/","title":{"rendered":"USD\/INR: Rupee Edges Higher As Service Sector Expands For 3rd Straight Month"},"content":{"rendered":"<ul>\n<li><strong><a href=\"https:\/\/currencylive.com\/exchange-rate\/inr-indian-rupee-live-exchange-rate\/\">Indian Rupee<\/a> (INR) pares losses from previous day<\/strong><\/li>\n<li><strong>Service sector PMI records 52.3<\/strong><\/li>\n<li><strong><a href=\"https:\/\/currencylive.com\/exchange-rate\/usd-us-dollar-live-exchange-rate\/\">US Dollar<\/a> (USD) falls as investors brace for Democratic wave<\/strong><\/li>\n<li><strong>US ADP payroll data &amp; Fed minutes up next<\/strong><\/li>\n<\/ul>\n<p>The US Dollar Indian Rupee (<a href=\"https:\/\/currencylive.com\/\">USD\/INR)<\/a> exchange rate is edging lower on Wednesday paring gains from the previous session. The pair settled on Tuesday +0.07% at 73.12. \u00a0At 11:15 UTC, USD\/INR trades flat at 73.07.<\/p>\n<p>Data revealed that growth in the dominant service sector in Indian continued to lose momentum in December as covid cases started to rise again. According to the Nikkei\/IHS Markit Services PMI slipped to 52.3 in December down from November\u2019s 53.7, although remained in expansion for a third straight month. The level 50 separates expansion from contraction.<\/p>\n<p>A spike in the number of covid cases in India is curbing output in India\u2019s dominant sector threatening to derail the fragile economic recovery from the covid recession. The first few months on 2021 are still expected to be challenging amid a resurgence of covid cases and before the vaccine rollout programme picks up.<\/p>\n<p>Gains in the Rupee are being capped by surging oil prices. West Texas Intermediate rallied 5% on Tuesday and is extending those gains today, trading over $50 per barrel at a fresh 9 month high. Oil has jumped after OPEC+ group agreed to output production cuts through February and March.<\/p>\n<p>The US Dollar is declining versus the Rupee and against its major peers as expectations are building of the Democrats winning both seats in the Georgia senate runoff. A blue wave would mean that Joe Biden would have a majority in the upper house of just 1 (Vice President Kamala Harris\u2019 tie breaker vote). As a result, the path would be easier towards achieving his policy goals such as larger fiscal stimulus.<\/p>\n<p>Investors will also turn their attention towards ADP payroll data ahead of Friday\u2019s non farm payroll and the minutes from the latest Fed meeting for further clues as to the next steps for policy.<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Indian Rupee (INR) pares losses from previous day Service sector PMI records 52.3 US Dollar (USD) falls as investors brace for Democratic wave US ADP payroll data &amp; Fed minutes up next The US Dollar Indian Rupee (USD\/INR) exchange rate is edging lower on Wednesday paring gains from the previous session. The pair settled on [&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":[],"class_list":["post-107623","post","type-post","status-publish","format-standard","has-post-thumbnail","category-inr","category-usd"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>USD\/INR: Rupee Edges Higher As Service Sector Expands For 3rd Straight Month - 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\/105187-usd-inr-rupee-edges-higher-as-dominant-service-sector-expands-for-3rd-straight-month\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Fiona Cincotta\" \/>\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\\\/105187-usd-inr-rupee-edges-higher-as-dominant-service-sector-expands-for-3rd-straight-month\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/105187-usd-inr-rupee-edges-higher-as-dominant-service-sector-expands-for-3rd-straight-month\\\/\"},\"author\":{\"name\":\"Fiona Cincotta\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#\\\/schema\\\/person\\\/8ef0fafb6c93f1204150bb907b42cfec\"},\"headline\":\"USD\\\/INR: Rupee Edges Higher As Service Sector Expands For 3rd Straight Month\",\"datePublished\":\"2021-01-06T12:00:27+00:00\",\"dateModified\":\"2021-01-06T12:17:04+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/105187-usd-inr-rupee-edges-higher-as-dominant-service-sector-expands-for-3rd-straight-month\\\/\"},\"wordCount\":340,\"image\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/105187-usd-inr-rupee-edges-higher-as-dominant-service-sector-expands-for-3rd-straight-month\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/currencylive.com\\\/news\\\/wp-content\\\/uploads\\\/2019\\\/11\\\/GBP-INR-Awaiting-Inflation-Data-from-UK-India.jpg\",\"articleSection\":[\"INR\",\"USD\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2021\",\"copyrightHolder\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/105187-usd-inr-rupee-edges-higher-as-dominant-service-sector-expands-for-3rd-straight-month\\\/\",\"url\":\"https:\\\/\\\/currencylive.com\\\/news\\\/105187-usd-inr-rupee-edges-higher-as-dominant-service-sector-expands-for-3rd-straight-month\\\/\",\"name\":\"USD\\\/INR: Rupee Edges Higher As Service Sector Expands For 3rd Straight Month - 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