{"id":106022,"date":"2020-10-21T12:27:06","date_gmt":"2020-10-21T11:27:06","guid":{"rendered":"https:\/\/currencylive.com\/news\/?p=106022"},"modified":"2020-10-21T12:27:06","modified_gmt":"2020-10-21T11:27:06","slug":"104603-usd-inr-indian-rupee-extends-losses","status":"publish","type":"post","link":"https:\/\/currencylive.com\/news\/104603-usd-inr-indian-rupee-extends-losses\/","title":{"rendered":"USD\/INR: Indian Rupee Extends Losses"},"content":{"rendered":"<ul>\n<li><strong>Indian Rupee (INR) trades lower for a second session<\/strong><\/li>\n<li><strong>High frequency indicators suggest growth is picking up in September<\/strong><\/li>\n<li><strong>US Dollar (USD) eases versus major peers on safe haven outflows<\/strong><\/li>\n<li><strong>US stimulus optimism &amp; vaccine news support the market mood<\/strong><\/li>\n<\/ul>\n<p>The US Dollar Indian Rupee (USD\/INR) exchange rate is advancing on Wednesday for a second straight session. The pair settled +0.1% higher at 73.44 on Tuesday. At 09:15 UTC, USD\/PKR trades +0.35% at 73.71, at the upper end of the daily traded range.<\/p>\n<p>Indian\u2019s economic recovery has broadened and strengthened over the past month, according to the rating agency ICRA.\u00a0 The agency reported that 9 of the 15 non-financial high frequency indicators recorded growth in the month of September. A further 5 indicators recorded a weaker contraction in September than previous months.<\/p>\n<p>The agency did warn however that festive season sales could be strong, but that momentum could ease thereafter.<\/p>\n<p>The update comes after the IMF forecast that the Indian economy will contract by -10.3% in 2020, followed by a bounce back of around 8.8% growth in the coming year. Meanwhile global growth is expected to contract -4.4% this year followed by 5.2% in the coming year.<\/p>\n<p>The US Dollar is advancing against the Indian Rupee, although it is falling versus its major counterparts as hopes rise that Congress will be able to achieve a US relief package deal.<\/p>\n<p>The Democrats and the Republicans have been deadlocked for months over a new US fiscal stimulus package to support the US economy. It appears that the two sides are moving closer towards a new covid rescue package. Optimism surrounding a deal is dragging on demand for the US Dollar<\/p>\n<p>Supporting the mood in the market was news that pharmaceutical giant AstraZeneca could restart its covid-19 vaccine candidate trial in the US in the coming days. The trial was halted globally on safety concerns although it has since restarted everywhere expect the US.<\/p>\n<p>The US economic calendar is quiet, leaving sentiment and politics to drive to greenback.<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Indian Rupee (INR) trades lower for a second session High frequency indicators suggest growth is picking up in September US Dollar (USD) eases versus major peers on safe haven outflows US stimulus optimism &amp; vaccine news support the market mood The US Dollar Indian Rupee (USD\/INR) exchange rate is advancing on Wednesday for a second [&hellip;]<\/p>\n","protected":false},"author":163946597,"featured_media":76446,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1693,1381],"tags":[2841,3330,1655,1666,1509,1397,1398],"class_list":{"0":"post-106022","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-inr","8":"category-usd","9":"tag-astrazeneca","10":"tag-economic-recovery","11":"tag-indian-rupee","12":"tag-inr","13":"tag-stimulus","14":"tag-us-dollar","15":"tag-usd"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - 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