{"id":117978,"date":"2024-07-01T22:35:44","date_gmt":"2024-07-01T21:35:44","guid":{"rendered":"https:\/\/currencylive.com\/news\/?p=117978"},"modified":"2024-07-02T18:07:04","modified_gmt":"2024-07-02T17:07:04","slug":"109146-usd-inr-rupee-falls-despite-a-rebound-in-manufacturing-activity","status":"publish","type":"post","link":"https:\/\/currencylive.com\/news\/109146-usd-inr-rupee-falls-despite-a-rebound-in-manufacturing-activity\/","title":{"rendered":"USD\/INR: Rupee falls despite a rebound in manufacturing activity"},"content":{"rendered":"<ul>\n<li><strong>Indian Rupee (INR) falls after gains last week<\/strong><\/li>\n<li><strong>India\u2019s manufacturing PMI rose to 58.3 in June<\/strong><\/li>\n<li><strong>US Dollar (<a href=\"https:\/\/currencylive.com\/exchange-rate\/usd-us-dollar-live-exchange-rate\/\">USD<\/a>) is falling against its major peers<\/strong><\/li>\n<li><strong>ISM manufacturing PMI contracted at a faster pace<\/strong><\/li>\n<\/ul>\n<p>The US Dollar Indian Rupee (USD\/INR) exchange rate is rising after losses last week. The pair fell -0.24% in the previous week, settling on Friday at 83.35. At 20:00 UTC, USD\/INR trades 0.1% at 83.45 and is in a range of 83.35 to 83.51.<\/p>\n<p>The Indian rupee is falling despite activity in India&#8217;s manufacturing sector rebounding in June as output increased and hiring rose at the fastest pace in 19 years.<\/p>\n<p>Strong growth and robust demand led to the rebound, which is helping Asia\u2019s third-largest economy be one of the fastest-growing major economies.<\/p>\n<p>The HSBC final Indian manufacturing PMI compiled by S&amp;P Global rose to 58.3 in June. This was marginally below the preliminary reading of 58.5 but up from a three-month low of 57.5 in May.<\/p>\n<p>The sector&#8217;s outlook remains positive, and upbeat demand lifted the new orders subsection. Meanwhile, larger workloads generated more jobs, and hiring rose for a fourth straight month.<\/p>\n<p>&nbsp;<\/p>\n<p>The US Dollar is rising against the Rupee but falling versus its major peers. The US Dollar Index, which measures the greenback versus a basket of major currencies, trades -0.05% at the time of writing at 105.82, after four straight weeks of gains.<\/p>\n<p>The US dollar is edging lower against its major pairs, extending losses from the end of last week after weaker-than-expected manufacturing data, which came following cooler inflation figures on Friday.<\/p>\n<p>The manufacturing at the ISM manufacturing PMI failed to pick up as expected in June and slowed a tad further to 48.5. This was down from 48.7 in May and short of the 49.1 level that economists had forecast.<\/p>\n<p>The data show that economic activity in the manufacturing sector contracted for the third straight month and the 19th time over the last 20 months.<\/p>\n<p>Diving deeper into the figures, the employment component contracted in June, falling to 49.3 from 51.1, and the manufacturing prices paid also eased significantly to 52.1 from 57.<\/p>\n<p>The data comes after the US core PCE the Fed&#8217;s preferred gauge for inflation, fell to its lowest level in three years, raising expectations that the Federal Reserve could cut interest rates sooner.<\/p>\n<p>Looking ahead, attention will be on Federal Reserve chair Jerome Powell tomorrow, who is due to speak at the European Central Bank central bank forum in Centra Portugal.<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Indian Rupee (INR) falls after gains last week India\u2019s manufacturing PMI rose to 58.3 in June US Dollar (USD) is falling against its major peers ISM manufacturing PMI contracted at a faster pace The US Dollar Indian Rupee (USD\/INR) exchange rate is rising after losses last week. The pair fell -0.24% in the previous week, [&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-117978","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 falls despite a rebound in manufacturing activity - 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\/109146-usd-inr-rupee-falls-despite-a-rebound-in-manufacturing-activity\/\" \/>\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=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/109146-usd-inr-rupee-falls-despite-a-rebound-in-manufacturing-activity\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/109146-usd-inr-rupee-falls-despite-a-rebound-in-manufacturing-activity\\\/\"},\"author\":{\"name\":\"Ileana Ionescu\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#\\\/schema\\\/person\\\/3d5cb0a6a22d357fc0b9ad562f35e75b\"},\"headline\":\"USD\\\/INR: Rupee falls despite a rebound in manufacturing activity\",\"datePublished\":\"2024-07-01T21:35:44+00:00\",\"dateModified\":\"2024-07-02T17:07:04+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/109146-usd-inr-rupee-falls-despite-a-rebound-in-manufacturing-activity\\\/\"},\"wordCount\":411,\"image\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/109146-usd-inr-rupee-falls-despite-a-rebound-in-manufacturing-activity\\\/#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\\\/109146-usd-inr-rupee-falls-despite-a-rebound-in-manufacturing-activity\\\/\",\"url\":\"https:\\\/\\\/currencylive.com\\\/news\\\/109146-usd-inr-rupee-falls-despite-a-rebound-in-manufacturing-activity\\\/\",\"name\":\"USD\\\/INR: Rupee falls despite a rebound in manufacturing activity - 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