{"id":113613,"date":"2023-01-09T12:44:24","date_gmt":"2023-01-09T12:44:24","guid":{"rendered":"https:\/\/currencylive.com\/news\/?p=113613"},"modified":"2023-01-09T12:55:28","modified_gmt":"2023-01-09T12:55:28","slug":"usd-inr-rupee-falls-as-oil-jumps-on-china-re-opening-borders","status":"publish","type":"post","link":"https:\/\/currencylive.com\/news\/usd-inr-rupee-falls-as-oil-jumps-on-china-re-opening-borders\/","title":{"rendered":"USD\/INR: Rupee falls as oil jumps on China re-opening borders"},"content":{"rendered":"<ul>\n<li><strong><a href=\"https:\/\/currencylive.com\/exchange-rate\/inr-indian-rupee-live-exchange-rate\/\">Indian Rupee<\/a> (INR) falls despite risk on mood as China re-opens<\/strong><\/li>\n<li><strong>Oil jumps over 3%<\/strong><\/li>\n<li><strong><a href=\"https:\/\/currencylive.com\/exchange-rate\/usd-us-dollar-live-exchange-rate\/\">US Dollar<\/a> (USD) falls versus major peers<\/strong><\/li>\n<li><strong>US NFP wage growth slowed<\/strong><\/li>\n<\/ul>\n<p>The US Dollar Indian Rupee (USD\/INR) exchange rate is rising on Monday after losses last week.\u00a0 The pair fell -0.5% in the previous week, settling on Friday at 82.27. Today, at 11:30, USD\/INR trades +0.09% at 82.34, trading in a range between 82.17 to 82.44.<\/p>\n<p>The Rupee is falling despite the broadly upbeat market mood and risk-on environment after China re-opened its land, sea, and air borders at the weekend as it bid farewell to zero-COVID restrictions, which have isolated China from the rest of the world for the past three years.<\/p>\n<p>The move is expected to help growth rebound, although cases are also surging in the country.<\/p>\n<p>Oil prices have surged over 3% on the back of the news. Rising oil prices are back news for India, which imports over 80% of its domestic oil needs.<\/p>\n<p>The US Dollar is rising against the Rupee but falling against its major peers. The US Dollar Index, which measures the greenback versus a basket of major currencies, trades at -0.1% at the time of writing at 103.63, extending losses from Friday.<\/p>\n<p>The USD fell sharply on Friday after mixed data. The US non-farm payroll showed that 220,000 jobs were added in December, ahead of the 200,000 forecast and up from 202,000 in November. However, wage growth was 4.6% year on year, below the 5.1% forecast and down from 4.8% in November.<\/p>\n<p>US ISM services PMI was also weaker than expected, dropping to a two-and-a-half-year low, at 49.6. This was below the key 50 level, which separates expansion from contraction.<\/p>\n<p>Slow wage growth and contracting services raised expectations that the Fed could slow the pace of rate hikes and adopt a more dovish approach to monetary policy.<\/p>\n<p>Today there is no high-impacting US data due to be released today. However, US inflation later in the week is expected to be the key focus for the market this week.<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Indian Rupee (INR) falls despite risk on mood as China re-opens Oil jumps over 3% US Dollar (USD) falls versus major peers US NFP wage growth slowed The US Dollar Indian Rupee (USD\/INR) exchange rate is rising on Monday after losses last week.\u00a0 The pair fell -0.5% in the previous week, settling on Friday at [&hellip;]<\/p>\n","protected":false},"author":163946598,"featured_media":76446,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1693,1381],"tags":[1666,1398,1862],"class_list":["post-113613","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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