{"id":106914,"date":"2020-11-27T16:00:15","date_gmt":"2020-11-27T16:00:15","guid":{"rendered":"https:\/\/currencylive.com\/news\/?p=106914"},"modified":"2020-11-27T16:00:15","modified_gmt":"2020-11-27T16:00:15","slug":"104919-usd-inr-rupee-declines-indian-economy-shrinks-further","status":"publish","type":"post","link":"https:\/\/currencylive.com\/news\/104919-usd-inr-rupee-declines-indian-economy-shrinks-further\/","title":{"rendered":"USD\/INR: Rupee Declines, Indian Economy Shrinks Further"},"content":{"rendered":"<ul>\n<li><strong><a href=\"https:\/\/currencylive.com\/exchange-rate\/inr-indian-rupee-live-exchange-rate\/\">Indian Rupee<\/a> (INR) edges lower for second straight session<\/strong><\/li>\n<li><strong>Indian GDP -7.5% QoQ after -23.9% QoQ in previous quarter<\/strong><\/li>\n<li><strong><a href=\"https:\/\/currencylive.com\/exchange-rate\/usd-us-dollar-live-exchange-rate\/\">US Dollar<\/a> (USD) declines versus major peers in low volume trade<\/strong><\/li>\n<li><strong>Optimism grows over US fiscal stimulus<\/strong><\/li>\n<\/ul>\n<p>The US Dollar Indian Rupee <a href=\"https:\/\/currencylive.com\/\">(USD\/INR<\/a>) exchange rate is advancing on Friday for a second straight session. The pair settled on Thursday +0.08% at 73.83. \u00a0At 15:15 UTC, USD\/INR trades +0.3% at 74.05. The pair is in line to book small losses across the week of 0.1%, adding to losses of 0.6% the previous week.<\/p>\n<p>Indian\u2019s economy shrank for a second straight quarter for the three months from July \u2013 September, although the contraction in the economy eased. The Indian economy shrank -7.5% QoQ compared to a -23.9% decline in the previous quarter. Analysts had been expecting -8.8% contraction in the economy.<\/p>\n<p>Signs of a pickup in manufacturing and optimism surrounding a steady pick up in consumer demand could see the economy steadily recover over the coming months.<\/p>\n<p>Prime Minister Narendra Modi expected the recent easing of farm and labour laws, in addition to tax incentives to boots manufacturing and attract more foreign investment going forward.<\/p>\n<p>Consumer spending, the dominant driver of growth declined -11.3% year on year in the July \u2013 September period, an improvement on the -26.7% fall in the previous quarter.<\/p>\n<p>The Reserve Bank of India is widely expected to keep interest rates on hold as its next policy review meeting next week.<\/p>\n<p>The US Dollar is trending lower on Friday in quiet Thanksgiving trade. Whilst the US stock markets open for\u00a0 half a day today volumes are traditionally very low.<\/p>\n<p>Even so the US Dollar is under pressure despite limited fundamental catalysts. There is no US economic data due to be released. Instead expectations of a large fiscal stimulus package from the new Joe Biden administration is pulling on the greenback.<\/p>\n<p>Joe Biden has been clear that tackling covid is a priority. He has requested that Congress agree to a fical stimulus programme by the start of the new year when he takes office.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Indian Rupee (INR) edges lower for second straight session Indian GDP -7.5% QoQ after -23.9% QoQ in previous quarter US Dollar (USD) declines versus major peers in low volume trade Optimism grows over US fiscal stimulus The US Dollar Indian Rupee (USD\/INR) exchange rate is advancing on Friday for a second straight session. The pair [&hellip;]<\/p>\n","protected":false},"author":163946597,"featured_media":82159,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1693,1381],"tags":[],"class_list":{"0":"post-106914","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-inr","8":"category-usd"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>USD\/INR: Rupee Declines, Indian Economy Shrinks Further - 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\/104919-usd-inr-rupee-declines-indian-economy-shrinks-further\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Fiona Cincotta\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/104919-usd-inr-rupee-declines-indian-economy-shrinks-further\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/104919-usd-inr-rupee-declines-indian-economy-shrinks-further\\\/\"},\"author\":{\"name\":\"Fiona Cincotta\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#\\\/schema\\\/person\\\/8ef0fafb6c93f1204150bb907b42cfec\"},\"headline\":\"USD\\\/INR: Rupee Declines, Indian Economy Shrinks Further\",\"datePublished\":\"2020-11-27T16:00:15+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/104919-usd-inr-rupee-declines-indian-economy-shrinks-further\\\/\"},\"wordCount\":346,\"image\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/104919-usd-inr-rupee-declines-indian-economy-shrinks-further\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/currencylive.com\\\/news\\\/wp-content\\\/uploads\\\/2019\\\/11\\\/USD-INR-Indian-Rupee-Pares-Losses-after-Inflation-Surprise.jpg\",\"articleSection\":[\"INR\",\"USD\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2020\",\"copyrightHolder\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/104919-usd-inr-rupee-declines-indian-economy-shrinks-further\\\/\",\"url\":\"https:\\\/\\\/currencylive.com\\\/news\\\/104919-usd-inr-rupee-declines-indian-economy-shrinks-further\\\/\",\"name\":\"USD\\\/INR: Rupee Declines, Indian Economy Shrinks Further - 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