{"id":108183,"date":"2021-02-03T12:48:04","date_gmt":"2021-02-03T12:48:04","guid":{"rendered":"https:\/\/currencylive.com\/news\/?p=108183"},"modified":"2021-02-03T12:48:04","modified_gmt":"2021-02-03T12:48:04","slug":"105345-usd-inr-rupee-edges-lower-service-sector-activity-hits-11-month-high","status":"publish","type":"post","link":"https:\/\/currencylive.com\/news\/105345-usd-inr-rupee-edges-lower-service-sector-activity-hits-11-month-high\/","title":{"rendered":"USD\/INR: Rupee Edges Lower, Service Sector Activity Hits 11 Month High"},"content":{"rendered":"<ul>\n<li><strong><a href=\"https:\/\/currencylive.com\/exchange-rate\/inr-indian-rupee-live-exchange-rate\/\">Indian Rupee<\/a> (INR) shrugs off service sector PMI<\/strong><\/li>\n<li><strong>Domestic equities reach fresh record high<\/strong><\/li>\n<li><strong><a href=\"https:\/\/currencylive.com\/exchange-rate\/usd-us-dollar-live-exchange-rate\/\">US Dollar<\/a> (USD) rises on economic growth optimism<\/strong><\/li>\n<li><strong>US ADP payroll data in focus<\/strong><\/li>\n<\/ul>\n<p>The US Dollar Indian Rupee (<a href=\"https:\/\/currencylive.com\/\">USD\/INR<\/a>) exchange rate is advancing on Wednesday after losses in the previous session. The pair settled -0.3% on Tuesday at 72.89. At 11:45 UTC, USD\/INR trades +0.07% at 72.95.<\/p>\n<p>The Indian Rupee trades cautiously, on the one hand supported by strong domestic equities and an upbeat mood in the broader financial markets. The Indian benchmark index surged to record highs on Wednesday, extending the post budget rally with noticeable gains in financials.<\/p>\n<p>An upbeat service sector PMI report was also underpinning the Indian Rupee limiting losses. India\u2019s service sector expanded in January, hitting an 11 month high thanks to improved demand. The service sector PMI rose from 52.3 in December to 52.8 in January. Even though the pace of growth accelerated it remains below 53.3 the long run average pace of expansion.<\/p>\n<p>Sticking with data, Indian exports grew 5.37% year on year to $27.24 billion in January 2021 compared to the same period last year. Imports rose 2% to $42 billion. The trade deficit for the month narrowed to $14.75 billion down from $15.3 billion.<\/p>\n<p>However, concerns surrounding the Indian fiscal deficit are dragging on demand for the Rupee. Furthermore, caution is dominating ahead of the Reserve Bank of India\u2019s monetary policy announcement which is due on Friday.<\/p>\n<p>Meanwhile the US Dollar is edging higher across the board. The US Dollar Index which gauges the US Dollar against 6 major peers trades over 91.00.<\/p>\n<p>The US Dollar is rising on optimism surrounding the accelerating vaccine programme and progress towards the passing of the Biden Administration\u2019s $1.9 trillion fiscal stimulus packages. Combined these factors are boosting the prospects for economic growth in the US this year and the potential for tighter monetary policy.<\/p>\n<p>Attention will now turn to the US ADP payroll report which analysts are expecting to show 49,000 jobs were added.<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Indian Rupee (INR) shrugs off service sector PMI Domestic equities reach fresh record high US Dollar (USD) rises on economic growth optimism US ADP payroll data in focus The US Dollar Indian Rupee (USD\/INR) exchange rate is advancing on Wednesday after losses in the previous session. The pair settled -0.3% on Tuesday at 72.89. At [&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":[1666,1398,1862],"class_list":{"0":"post-108183","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-inr","8":"category-usd","9":"tag-inr","10":"tag-usd","11":"tag-usd-inr"},"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: Rupee Edges Lower, Service Sector Activity Hits 11 Month High - 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\/105345-usd-inr-rupee-edges-lower-service-sector-activity-hits-11-month-high\/\" \/>\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\\\/105345-usd-inr-rupee-edges-lower-service-sector-activity-hits-11-month-high\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/105345-usd-inr-rupee-edges-lower-service-sector-activity-hits-11-month-high\\\/\"},\"author\":{\"name\":\"Fiona Cincotta\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#\\\/schema\\\/person\\\/8ef0fafb6c93f1204150bb907b42cfec\"},\"headline\":\"USD\\\/INR: Rupee Edges Lower, Service Sector Activity Hits 11 Month High\",\"datePublished\":\"2021-02-03T12:48:04+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/105345-usd-inr-rupee-edges-lower-service-sector-activity-hits-11-month-high\\\/\"},\"wordCount\":334,\"image\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/105345-usd-inr-rupee-edges-lower-service-sector-activity-hits-11-month-high\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/currencylive.com\\\/news\\\/wp-content\\\/uploads\\\/2019\\\/11\\\/GBP-INR-Awaiting-Inflation-Data-from-UK-India.jpg\",\"keywords\":[\"inr\",\"usd\",\"usd\\\/inr\"],\"articleSection\":[\"INR\",\"USD\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2021\",\"copyrightHolder\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/105345-usd-inr-rupee-edges-lower-service-sector-activity-hits-11-month-high\\\/\",\"url\":\"https:\\\/\\\/currencylive.com\\\/news\\\/105345-usd-inr-rupee-edges-lower-service-sector-activity-hits-11-month-high\\\/\",\"name\":\"USD\\\/INR: Rupee Edges Lower, Service Sector Activity Hits 11 Month High - 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