{"id":117708,"date":"2024-05-07T18:42:51","date_gmt":"2024-05-07T17:42:51","guid":{"rendered":"https:\/\/currencylive.com\/news\/?p=117708"},"modified":"2024-05-07T18:42:51","modified_gmt":"2024-05-07T17:42:51","slug":"109067-usd-inr-rupee-rises-as-election-hit-halfway-mark","status":"publish","type":"post","link":"https:\/\/currencylive.com\/news\/109067-usd-inr-rupee-rises-as-election-hit-halfway-mark\/","title":{"rendered":"USD\/INR: Rupee rises as election hit halfway mark"},"content":{"rendered":"<ul>\n<li><strong>Indian Rupee (INR) rises after losses yesterday<\/strong><\/li>\n<li><strong>India\u2019s general election is halfway through<\/strong><\/li>\n<li><strong>US Dollar (USD) rises versus its major peers.<\/strong><\/li>\n<li><strong>US Fed speakers are in focus<\/strong><\/li>\n<\/ul>\n<p>The US Dollar Indian Rupee (<a href=\"https:\/\/currencylive.com\/exchange-rate\/1000-usd-to-inr-exchange-rate-today\/\">USD\/INR<\/a>) exchange rate is falling after yesterday&#8217;s gains. The pair rose 0.12% in the previous session, settling on Monday at 83.47. At 10:00 UTC, USD\/INR trades -0.03% at 83.44 and is in a range of 83.43 to 83.51.<\/p>\n<p>The Indian market experienced foreign outflows in April driven by<\/p>\n<p>The US Dollar is falling against the Rupee but rising against its major peers. The US Dollar Index, which measures the greenback against a basket of major currencies, trades 0.20% at the time of writing at 105.20, after modest losses yesterday.<\/p>\n<p>The Indian Rupee is edging higher with attention firmly on India&#8217;s election, which has reached its halfway mark.<\/p>\n<p>Today, Prime Minister Narendra Modi voted as India held the third phase of its huge general election, during which seats in his home state, Gujarat, and ten other regions will be decided.<\/p>\n<p>Voter turnout has been a concern in the first two phases, with lower numbers registered compared to the 2019 polls. Modi seeking a rare third straight time.<\/p>\n<p>Meanwhile, data shows that Indian domestic markets, along with other key Asian markets, witnessed modest foreign outflows in April amid a rise in U.S. Treasury yields as the Fed is expected to keep rates high for longer.<\/p>\n<p>Days from exchanges in Taiwan, India, Indonesia, Vietnam, Philippines, Thailand, and South Korea revealed that foreign investors withdrew over 2.5 billion in regional equities in April, which marked the largest net outflow since November last year.<\/p>\n<p>The U.S. dollar index shed almost 1% last week after Federal Reserve chair Jerome Powell announced a further rate hike from the US central bank and after weaker-than-expected US job data.<\/p>\n<p>Friday&#8217;s nonfarm payroll showed that just 175,000 jobs were added in the US in April, well short of the 243,000 that was forecast. Meanwhile, the unemployment rate also ticked higher to 3.9%.<\/p>\n<p>The weak data has fueled expectations that the Federal Reserve will be cutting interest rates, possibly on several occasions in 2024.<\/p>\n<p>There is no high impacting U.S. economic data today instead, investors are focusing on Federal Reserve speakers, where the market will be looking for any signs of when the Federal Reserve could start cutting interest rates.<\/p>\n<p>Yesterday, New York Fed president John Williams offered no hints on the timing of a rate cut instead of saying that The Fed will cut the rate eventually. Neils added that the 2% inflation target was Christopher in a slightly more hawkish stance.<\/p>\n<p>Meanwhile, Richmond Fed president Barkin said he believed the full impact of interest rates is yet to come. He is optimistic that the current rates will bring inflation back down to the 2% target.<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Indian Rupee (INR) rises after losses yesterday India\u2019s general election is halfway through US Dollar (USD) rises versus its major peers. US Fed speakers are in focus The US Dollar Indian Rupee (USD\/INR) exchange rate is falling after yesterday&#8217;s gains. The pair rose 0.12% in the previous session, settling on Monday at 83.47. At 10:00 [&hellip;]<\/p>\n","protected":false},"author":163946597,"featured_media":82159,"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-117708","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 rises as election hit halfway mark - 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\/109067-usd-inr-rupee-rises-as-election-hit-halfway-mark\/\" \/>\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=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/109067-usd-inr-rupee-rises-as-election-hit-halfway-mark\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/109067-usd-inr-rupee-rises-as-election-hit-halfway-mark\\\/\"},\"author\":{\"name\":\"Fiona Cincotta\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#\\\/schema\\\/person\\\/8ef0fafb6c93f1204150bb907b42cfec\"},\"headline\":\"USD\\\/INR: Rupee rises as election hit halfway mark\",\"datePublished\":\"2024-05-07T17:42:51+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/109067-usd-inr-rupee-rises-as-election-hit-halfway-mark\\\/\"},\"wordCount\":467,\"image\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/109067-usd-inr-rupee-rises-as-election-hit-halfway-mark\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/currencylive.com\\\/news\\\/wp-content\\\/uploads\\\/2019\\\/11\\\/USD-INR-Indian-Rupee-Pares-Losses-after-Inflation-Surprise.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\\\/109067-usd-inr-rupee-rises-as-election-hit-halfway-mark\\\/\",\"url\":\"https:\\\/\\\/currencylive.com\\\/news\\\/109067-usd-inr-rupee-rises-as-election-hit-halfway-mark\\\/\",\"name\":\"USD\\\/INR: Rupee rises as election hit halfway mark - 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