{"id":82465,"date":"2019-11-21T09:06:39","date_gmt":"2019-11-21T14:06:39","guid":{"rendered":"https:\/\/currencylive.com\/?p=82465"},"modified":"2019-11-21T09:06:54","modified_gmt":"2019-11-21T14:06:54","slug":"101559-indian-rupee-remains-stagnant-following-pboc-rate-cut","status":"publish","type":"post","link":"https:\/\/currencylive.com\/news\/101559-indian-rupee-remains-stagnant-following-pboc-rate-cut\/","title":{"rendered":"USD\/INR: Indian Rupee Remains Stagnant Following PBOC Rate Cut"},"content":{"rendered":"<table>\n<tbody>\n<tr>\n<td><a href=\"https:\/\/wise.com\/?utm_source=currencylive-com&utm_medium=affiliate&utm_content=news%2Fwp_json%2Fwp%2Fv2%2Fposts%2F82465&utm_campaign=news\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-65277\" style=\"padding-top: 5px;\" src=\"https:\/\/currencylive.com\/wp-content\/uploads\/2019\/11\/transferwise-inline-banner-money-transfer.jpg\" alt=\"\" width=\"670\" height=\"125\" \/><\/a><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<ul>\n<li>1 USD traded at 71.75 against the INR during early Asia trading hours and after the London open<\/li>\n<li>Fed\u2019s FOMC minutes revealed that the US interest rates will remain on hold &#8211; no rate cuts expected on short term<\/li>\n<li>The People&#8217;s Bank of China (PBOC) slashed its benchmark lending rate by 0.05%, to 4.15%<\/li>\n<\/ul>\n<p>Indian Rupee remains stagnant against the greenback on the currency market following the PBOC rate cut. On the interbank market, USD\/INR exchange rate settled 7 paise lower, at 71.64 (New York-based closing price), on Wednesday. During the early Asia trading hours and after the London open, Rupee was seen quote slightly higher around 71.75 against the US dollar.<\/p>\n<p>People&#8217;s Bank of China slashed its benchmark lending rate by 0.05% to 4.15% versus 4.20% October reading. The five-year loan prime rate LPR was also reduced by 0.5% to 4.8% from 4.85% October reading. Wall Street analysts are forecasting a further reduction in the LPR rate as China is trying to combat sluggish economic growth while keeping under control inflation.<\/p>\n<p>China\u2019s easing measures are good news for the Indian Rupee exchange rate, which can help INR minimize its losses. However, the macro landscape remains very complex and the Rupee can still find trouble ahead due to the renewed US \u2014 China trade tensions.<\/p>\n<p>The domestic benchmark equity index NIFTY 50 closed almost unchanged on Wednesday, settling at 11999 registering a 0.49% gain. However, during early Asia trading hours, NIFTY 50 was seen quoted higher at 12028. The Indian 10-year government bond yield closed at 6.459 versus the 6.458 previous closing prices.<\/p>\n<p>The dollar index, which gauges the greenback&#8217;s strength against a basket of major currencies closed moderately higher on Wednesday settling at 97.90 or 0.08% gain.<\/p>\n<p>Fed\u2019s FOMC minutes revealed that the US interest rates will remain on hold and no rate cuts are to be expected in the short-term. The US Federal Reserve slashed its benchmark interest rate three times in 2019. At the beginning of the 2019, the US interest rate stood at 2.5%, but after 3 rate cuts, it was brought down to 1.75%.<\/p>\n<h3>USD\/INR Technical Pattern<\/h3>\n<p>On the technical front, the USD\/INR exchange rate over the past three days has established key support at the 71.44 level. While on the upside the USD\/INR rate seems capped by intraday resistance established at the 71.82 level.<\/p>\n<table>\n<tbody>\n<tr>\n<td><a href=\"https:\/\/wise.com\/?utm_source=currencylive-com&utm_medium=affiliate&utm_content=news%2Fwp_json%2Fwp%2Fv2%2Fposts%2F82465&utm_campaign=news\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-65277\" style=\"padding-top: 5px;\" src=\"https:\/\/currencylive.com\/wp-content\/uploads\/2019\/11\/transferwise-inline-banner-money-transfer.jpg\" alt=\"\" width=\"670\" height=\"125\" \/><\/a><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<hr \/>\n<h6><em>Currencylive.com<\/em><em> is a news site only and not a currency trading platform.<\/em><\/h6>\n<h6><em>Currencylive.com is a site operated by TransferWise Inc. (&#8220;We&#8221;, &#8220;Us&#8221;), a Delaware Corporation. We do not guarantee that the website will operate in an uninterrupted or error-free manner or is free of viruses or other harmful components. The content on our site is provided for general information only and is not intended as an exhaustive treatment of its subject. We expressly disclaim any contractual or fiduciary relationship with you on the basis of the content of our site, any you may not rely thereon for any purpose. You should consult with qualified professionals or specialists before taking, or refraining from, any action on the basis of the content on our site. Although we make reasonable efforts to update the information on our site, we make no representations, warranties or guarantees, whether express or implied, that the content on our site is accurate, complete or up to date, and DISCLAIM ANY IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE. Some of the content posted on this site has been commissioned by Us, but is the work of independent contractors. These contractors are not employees, workers, agents or partners of TransferWise and they do not hold themselves out as one. The information and content posted by these independent contractors have not been verified or approved by Us. The views expressed by these independent contractors on currencylive.com do not represent our views.<\/em><\/h6>\n","protected":false},"excerpt":{"rendered":"<p>1 USD traded at 71.75 against the INR during early Asia trading hours and after the London open Fed\u2019s FOMC minutes revealed that the US interest rates will remain on hold &#8211; no rate cuts expected on short term The People&#8217;s Bank of China (PBOC) slashed its benchmark lending rate by 0.05%, to 4.15% Indian [&hellip;]<\/p>\n","protected":false},"author":163946598,"featured_media":82472,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1693,1381],"tags":[1870,1453,1666,1720,1398],"class_list":{"0":"post-82465","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-inr","8":"category-usd","9":"tag-exchange-rates","10":"tag-fomc","11":"tag-inr","12":"tag-nifty-50","13":"tag-usd"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - 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