{"id":117490,"date":"2024-03-19T12:00:55","date_gmt":"2024-03-19T12:00:55","guid":{"rendered":"https:\/\/currencylive.com\/news\/?p=117490"},"modified":"2024-03-20T10:51:31","modified_gmt":"2024-03-20T10:51:31","slug":"108094-usd-inr-rupee-struggles-against-usd-strength-as-the-fomc-meeting-starts","status":"publish","type":"post","link":"https:\/\/currencylive.com\/news\/108094-usd-inr-rupee-struggles-against-usd-strength-as-the-fomc-meeting-starts\/","title":{"rendered":"USD\/INR: Rupee struggles against USD strength as the FOMC meeting starts"},"content":{"rendered":"<ul>\n<li><strong><a href=\"https:\/\/currencylive.com\/exchange-rate\/inr-indian-rupee-live-exchange-rate\/\">Indian Rupee<\/a> (INR) falls for a second day<\/strong><\/li>\n<li><strong>Domestic equities fall<\/strong><\/li>\n<li><strong><a href=\"https:\/\/currencylive.com\/exchange-rate\/usd-us-dollar-live-exchange-rate\/\">US Dollar<\/a> (USD) rises versus its major peers<\/strong><\/li>\n<li><strong>FOMC 2-day meeting starts today<\/strong><\/li>\n<\/ul>\n<p>The US Dollar Indian Rupee (USD\/INR) exchange rate is rising for a second straight day. The pair rose 0.02% in the previous session, settling on Monday at 82.90. At 10:00 UTC, USD\/INR trades +0.16% at 83.03 and trades in a range of 82.92 to 83.05.<\/p>\n<p>The Indian Rupee is struggling against the strength of the U.S. dollar and tracking domestic equities lower in jittery trade ahead of tomorrow&#8217;s FOMC rate decision.<\/p>\n<p>The Nifty 50 fell 0.8% to 21,873, while the Sensex dropped 0.74% to 72,208 at the time of writing. US rate-sensitive IT stocks have been heavy fallers, dropping 3.3% this week on expectations that the Fed could adopt a more hawkish stance.<\/p>\n<p>Strong foreign inflows helped the Indian stock market reach record highs in the latter part of last year, but that has slowly eased concerns about overheated valuations.<\/p>\n<p>Elsewhere, dollar purchases from state-run banks have limited the Rupee\u2019s ability to rise. Traders said that it&#8217;s difficult to determine whether these dollar purchases were on behalf of importers or the central bank.<\/p>\n<p>RBI intervention is likely to continue contributing to the stability of the Rupee against the dollar.<\/p>\n<p>The US Dollar is rising across the board. The US Dollar Index, which measures the greenback versus a basket of major currencies, trades at +0.53% at the time of writing at 103.95, marking the fourth straight day of gains.<\/p>\n<p>The US dollar is pushing higher ahead of the start of the Federal Reserve&#8217;s two-day monetary policy meeting, with the rate announcement due tomorrow.<\/p>\n<p>The Fed is not expected to adjust interest rates; however, Federal Reserve Jerome Powell could adopt a more hawkish stance after two straight months of hotter-than-expected inflation data.<\/p>\n<p>Heading toward the meeting, the market is pricing in a 55% probability of the Fed&#8217;s rate cut starting in June and a 75% probability of a rate cut in July.<\/p>\n<p>Given that no interest rate change is expected this month, the focus will be on the Fed&#8217;s new projections, particularly the median dot plot, which in December signaled that the Fed was looking to cut rates three times this year. There is a rising expectation that this could be downwardly revised to two rate cuts this year in light of persistently sticky inflation.<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Indian Rupee (INR) falls for a second day Domestic equities fall US Dollar (USD) rises versus its major peers FOMC 2-day meeting starts today The US Dollar Indian Rupee (USD\/INR) exchange rate is rising for a second straight day. The pair rose 0.02% in the previous session, settling on Monday at 82.90. At 10:00 UTC, [&hellip;]<\/p>\n","protected":false},"author":163946598,"featured_media":47178,"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-117490","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 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>USD\/INR: Rupee struggles against USD strength as the FOMC meeting starts - 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\/108094-usd-inr-rupee-struggles-against-usd-strength-as-the-fomc-meeting-starts\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Ileana Ionescu\" \/>\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\\\/108094-usd-inr-rupee-struggles-against-usd-strength-as-the-fomc-meeting-starts\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/108094-usd-inr-rupee-struggles-against-usd-strength-as-the-fomc-meeting-starts\\\/\"},\"author\":{\"name\":\"Ileana Ionescu\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#\\\/schema\\\/person\\\/3d5cb0a6a22d357fc0b9ad562f35e75b\"},\"headline\":\"USD\\\/INR: Rupee struggles against USD strength as the FOMC meeting starts\",\"datePublished\":\"2024-03-19T12:00:55+00:00\",\"dateModified\":\"2024-03-20T10:51:31+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/108094-usd-inr-rupee-struggles-against-usd-strength-as-the-fomc-meeting-starts\\\/\"},\"wordCount\":398,\"image\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/108094-usd-inr-rupee-struggles-against-usd-strength-as-the-fomc-meeting-starts\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/currencylive.com\\\/news\\\/wp-content\\\/uploads\\\/2019\\\/10\\\/indian-rupee-us-dollar.jpg\",\"keywords\":[\"inr\",\"usd\",\"usd\\\/inr\"],\"articleSection\":[\"INR\",\"USD\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2024\",\"copyrightHolder\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/108094-usd-inr-rupee-struggles-against-usd-strength-as-the-fomc-meeting-starts\\\/\",\"url\":\"https:\\\/\\\/currencylive.com\\\/news\\\/108094-usd-inr-rupee-struggles-against-usd-strength-as-the-fomc-meeting-starts\\\/\",\"name\":\"USD\\\/INR: Rupee struggles against USD strength as the FOMC meeting starts - 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