If the rains are substantial like they have been here in north Texas the last 3 weeks, the rains will push the hogs out of the low area and really have them out and moving. During hot periods, rains may get hogs up and moving as well. Otherwise, the hogs operate rain or sun, night or day. Sometimes the rains seem to get the hogs to hunker down until bad weather is over and other times the hogs seem to be out in the rain, even heavy rains, like it wasn't even raining.
Can they still smell you in the rain? Sure, but not exactly. What hogs smell are literally bits and pieces that come off your body and from your breath. These pieces and molecules can be washed from the air (in part) by the rain much like rain helps wash pollutants from the air. So hogs would be less apt to smell you as readily.