{"id":109990,"date":"2021-05-26T12:00:48","date_gmt":"2021-05-26T11:00:48","guid":{"rendered":"https:\/\/currencylive.com\/news\/?p=109990"},"modified":"2021-05-26T11:47:54","modified_gmt":"2021-05-26T10:47:54","slug":"105688-usd-inr-rupee-strengthens-refreshing-2-month-high","status":"publish","type":"post","link":"https:\/\/currencylive.com\/news\/105688-usd-inr-rupee-strengthens-refreshing-2-month-high\/","title":{"rendered":"USD\/INR: Rupee Strengthens, Refreshing 2 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) rises tracing equities higher as reopening optimism builds<\/strong><\/li>\n<li><strong>Barclays downgrades India\u2019s GDP to 9.2% growth<\/strong><\/li>\n<li><strong><a href=\"https:\/\/currencylive.com\/exchange-rate\/usd-us-dollar-live-exchange-rate\/\">US Dollar<\/a> (USD) declines versus majors as Fed remains dovish<\/strong><\/li>\n<li><strong>US consumer confidence declined for 1<sup>st<\/sup> time in 6 months<\/strong><\/li>\n<\/ul>\n<p>The US Dollar Indian Rupee (<a href=\"https:\/\/currencylive.com\/\">USD\/INR<\/a>) exchange rate is extending losses for a second straight session on Wednesday. The pair settled -0.05% lower on Tuesday at 72.79 around the low of the day. At 11:00 UTC, USD\/INR trades -0.09% lower at 72.72.<\/p>\n<p>The Rupee is strengthening, refreshing two-month highs boosted by falling covid numbers and a bullish equities market.<\/p>\n<p>Both the Nifty 50 and the Sensex powered higher again on Wednesday, supported by financials and IT stocks.<\/p>\n<p>The mood towards Indian assets has improved as covid cases are at the lowest in a month and optimism is building surrounding the easing of pandemic restrictions.<\/p>\n<p>Investors have shrugged off news that Barclays Bank cut its full year 2021\/22 economic growth forecast for India by 80 basis points. The banks cites the toll from the latest covid restrictions as the reason for cutting growth forecasts to 9.2%.<\/p>\n<p>The bank commented that although the second wave was receding the economic costs have been greater. The bank had forecast 11% growth prior to the second wave, which it then downgraded to 10% before today\u2019s additional downgrade.<\/p>\n<p>The US Dollar is trading lower versus the Rupee. However, it is ticking a few pips higher versus its major peers. \u00a0The US Dollar Index, which measures the greenback versus a basket of major currencies trades +0.08% at the time of writing at 89.70 after hitting a 5-month low in the previous session.<\/p>\n<p>The US Dollar continues to trade at multi-month lows as more Fed officials stuck by the dovish stance on Tuesday. Inflation concerns have been lingering in the markets for a while. However, the US Federal Reserve is unwavering in its belief that the rise in prices is transitory. This means that the Fed is likely to keep interest rates low for longer.<\/p>\n<p>US consumer confidence data revealed that household morale slipped slightly in May, adding pressure to the greenback. Consumer confidence declined for the first time in 6 months as euphoria surrounding the economic reopening started to fade.<\/p>\n<p>There is no high impacting US data due to be released today.<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Indian Rupee (INR) rises tracing equities higher as reopening optimism builds Barclays downgrades India\u2019s GDP to 9.2% growth US Dollar (USD) declines versus majors as Fed remains dovish US consumer confidence declined for 1st time in 6 months The US Dollar Indian Rupee (USD\/INR) exchange rate is extending losses for a second straight session on [&hellip;]<\/p>\n","protected":false},"author":163946598,"featured_media":82150,"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":["post-109990","post","type-post","status-publish","format-standard","has-post-thumbnail","category-inr","category-usd","tag-inr","tag-usd","tag-usd-inr"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.0 - 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