{"id":110029,"date":"2021-06-03T12:00:38","date_gmt":"2021-06-03T11:00:38","guid":{"rendered":"https:\/\/currencylive.com\/news\/?p=110029"},"modified":"2021-06-04T06:33:48","modified_gmt":"2021-06-04T05:33:48","slug":"105703-usd-inr-rupee-strengthens-even-as-the-service-sector-contracts","status":"publish","type":"post","link":"https:\/\/currencylive.com\/news\/105703-usd-inr-rupee-strengthens-even-as-the-service-sector-contracts\/","title":{"rendered":"USD\/INR: Rupee Strengthens Even As The Service Sector Contracts"},"content":{"rendered":"<ul>\n<li><strong><a href=\"https:\/\/currencylive.com\/exchange-rate\/inr-indian-rupee-live-exchange-rate\/\">Indian Rupee<\/a> (INR) rises after 3 days of declines<\/strong><\/li>\n<li><strong>Indian services PMI drops to 46.4<\/strong><\/li>\n<li><strong><a href=\"https:\/\/currencylive.com\/exchange-rate\/usd-us-dollar-live-exchange-rate\/\">US Dollar<\/a> (USD) rises versus majors but remains near 5 month low<\/strong><\/li>\n<li><strong>US jobless claims, ISM services PMI &amp; ADP private payrolls awaited<\/strong><\/li>\n<\/ul>\n<p>The US Dollar Indian Rupee (<a href=\"https:\/\/currencylive.com\/\">USD\/INR<\/a>) exchange rate is slipping lower on Thursday, snapping a three day winning run. The pair settled +0.12% higher on Wednesday at 72.95. At 11:00 UTC, USD\/INR trades -0.1% lower at 72.87.<\/p>\n<p>The Indian Rupee is tracing domestic equities higher. The Sensex traded at a fresh record high amid strong buying interest in heavyweight financials.<\/p>\n<p>The strong performance in the stock market helped to offset weak services PMI data. According to Nikkei\/Markit Services PMI activity in the dominant service sector contracted in May for the first time in 8 months as strict lockdown restrictions from the covid second wave hit demand and prompted firms to cut jobs at the fastest rate since October.<\/p>\n<p>The services PMI came in at 46.4 in May down from 54 in April. The level 50 separates expansion from contraction.<\/p>\n<p>The US Dollar is trading lower versus the Rupee. However, it is heading higher versus its major peers.\u00a0 The US Dollar Index, which measures the greenback versus a basket of major currencies trades +0.04% at the time of writing at 89.96 as it continues to hover around the 5 month low.<\/p>\n<p>The US dollar is ticking a few points higher however remains broadly depressed reflecting the US Federal Reserve\u2019s ultra-easy monetary policy. However, comments from the US central bank\u2019s policy maker Patrick Harper that the time for talking about tapering bond purchases could be approaching is giving the greenback a slight boost.<\/p>\n<p>Attention will now turn to a deluge of US data including US jobless claims, the ISM services PMI and the ADP private payroll report. Expectations are for 650,000 new jobs to have been created in May, slightly down from 742,000 in April, but still a very solid number.<\/p>\n<p>These data points ae often considered strong lead indictors for tomorrow\u2019s non farm payroll which is likely to set the tone for the US Dollar going forward.<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Indian Rupee (INR) rises after 3 days of declines Indian services PMI drops to 46.4 US Dollar (USD) rises versus majors but remains near 5 month low US jobless claims, ISM services PMI &amp; ADP private payrolls awaited The US Dollar Indian Rupee (USD\/INR) exchange rate is slipping lower on Thursday, snapping a three day [&hellip;]<\/p>\n","protected":false},"author":163946598,"featured_media":82159,"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-110029","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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