{"id":100853,"date":"2020-06-04T07:22:53","date_gmt":"2020-06-04T11:22:53","guid":{"rendered":"https:\/\/currencylive.com\/news\/?p=100853"},"modified":"2020-06-04T08:43:48","modified_gmt":"2020-06-04T12:43:48","slug":"103348-usd-inr-indian-rupee-drops-as-indias-economic-recovery-put-in-doubt","status":"publish","type":"post","link":"https:\/\/currencylive.com\/news\/103348-usd-inr-indian-rupee-drops-as-indias-economic-recovery-put-in-doubt\/","title":{"rendered":"USD\/INR: Indian Rupee Drops As India\u2019s Economic Recovery Put In Doubt"},"content":{"rendered":"<ul>\n<li><strong>Indian economic recovery from covid-19 could take 3 years<\/strong><\/li>\n<li><strong>Indian economic reopening mapped out despite covid-19 cases reaching 200,000<\/strong><\/li>\n<li><strong>&lt; 2 million US initial jobless claims expected<\/strong><\/li>\n<li><strong>At 12:15 UTC, <a href=\"https:\/\/currencylive.com\/exchange-rate\/usd-to-inr-exchange-rate-today\/\">USD\/INR<\/a> is trading +0.3% at 75.52<\/strong><\/li>\n<\/ul>\n<p>The <a href=\"https:\/\/currencylive.com\/news\/currency\/inr\/\">Indian Rupee<\/a> is adding to losses versus the <a href=\"https:\/\/currencylive.com\/news\/currency\/usd\/\">US Dollar<\/a> from the previous session, whilst paring from earlier this week. The Indian Rupee settled on Wednesday +0.3% at 75.32.<\/p>\n<p>At 11:15 UTC, USD\/INR is trading +0.3% at 75.52. This is towards the upper end of the daily traded range of 75.32 \u2013 75.64.<\/p>\n<div class=\"su-button-center\"><a href=\"https:\/\/currencylive.com\/exchange-rate\/usd-to-inr-exchange-rate-today\/\" class=\"su-button su-button-style-flat button-internalbutton\" style=\"color:#ffffff;background-color:#f92658;border-color:#c81f47;border-radius:5px\" target=\"_self\"><span style=\"color:#ffffff;padding:0px 22px;font-size:17px;line-height:34px;border-color:#fb688b;border-radius:5px;text-shadow:none\"> Check real time USD to INR exchange rate<\/span><\/a><\/div>\n<p>Concerns are growing over the long road that India faces to drag itself out of the coronavirus crisis. Pre-covid-19, India was experiencing world beating economic growth, however, months of strict lockdown have left businesses collapsing and unemployment soaring.<\/p>\n<p>Analysts expect India\u2019s economy to contract this fiscal year, possibly by as much as -5%.\u00a0 However, fears over how long the recovery could take are now starting to set in. Domestic rating agency Crisil, the local arm of international rating agency S&amp;P, believes that the Indian economy will take over three years to reach pre-coronavirus crisis levels.<\/p>\n<p>A Bloomberg poll of analysts was more optimistic with a GDP contraction of -1.9% expected this year and a 7.1% rebound in the coming fiscal year. However, even economic growth of 7.1% is insufficient to create the necessary jobs for the 10-12 million Indians seeking employment each year.<\/p>\n<p>As fears over the impact of the economic hit from coronavirus rise, New Delhi has mapped a route for the phased reopening of the economy, despite the number of covid-19 cases reaching 200,000.<\/p>\n<p>The US Dollar is gaining altitude across the board on Thursday as the recent risk rally eases and as investors look ahead to the release of key US jobs data.<\/p>\n<p>Analysts are expecting the number of Americans filing for unemployment benefits to drop below 2 million last week, for the first time since mid March. However, the rate remains extremely high as firms adjust to the changes that coronavirus has brought with it.<\/p>\n<p>Whilst the week jobless claims report is expected to show that the worst is behind the US, it will also show that unemployment levels in May were around 20%, a level last seen in the Great Depression of 1930.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Indian economic recovery from covid-19 could take 3 years Indian economic reopening mapped out despite covid-19 cases reaching 200,000 &lt; 2 million US initial jobless claims expected At 12:15 UTC, USD\/INR is trading +0.3% at 75.52 The Indian Rupee is adding to losses versus the US Dollar from the previous session, whilst paring from earlier [&hellip;]<\/p>\n","protected":false},"author":163946597,"featured_media":82150,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1693,1381],"tags":[1409,1655,1666,2828,1397,1398],"class_list":["post-100853","post","type-post","status-publish","format-standard","has-post-thumbnail","category-inr","category-usd","tag-gdp","tag-indian-rupee","tag-inr","tag-jobless-claiims","tag-us-dollar","tag-usd"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.0 - 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