{"id":118085,"date":"2024-07-22T23:15:02","date_gmt":"2024-07-22T22:15:02","guid":{"rendered":"https:\/\/currencylive.com\/news\/?p=118085"},"modified":"2024-07-22T23:16:44","modified_gmt":"2024-07-22T22:16:44","slug":"109179-usd-inr-rupee-recovers-from-a-record-low-biden-exits-the-presidential-race","status":"publish","type":"post","link":"https:\/\/currencylive.com\/news\/109179-usd-inr-rupee-recovers-from-a-record-low-biden-exits-the-presidential-race\/","title":{"rendered":"USD\/INR: Rupee recovers from a record low, Biden exits the Presidential race"},"content":{"rendered":"<ul>\n<li><strong>Indian Rupee (INR) rises from record low<\/strong><\/li>\n<li><strong>Indian GDP this fiscal quarter is forecast between 6.5% -7%<\/strong><\/li>\n<li><strong>US Dollar (USD) is falling against its peers<\/strong><\/li>\n<li><strong>Biden steps down from the election campaign<\/strong><\/li>\n<\/ul>\n<p>The US Dollar Indian Rupee (<a href=\"https:\/\/currencylive.com\/exchange-rate\/1000-usd-to-inr-exchange-rate-today\/\">USD\/INR<\/a>) exchange rate is falling after gains last week. The pair rose 0.25% in the previous week, settling on Friday at 83.72. At 21:00 UTC, USD\/INR trades -0.06% at 83.76 and is in a range of 83.64 to 83.74.<\/p>\n<p>The Indian government has taken a more cautious stance than economists on the outlook for growth in the current fiscal year, forecasting that the world&#8217;s fifth-largest economy will expand between 6.5% and 7%.<\/p>\n<p>This projection from the finance ministry&#8217;s economic division is below the 8.2% growth seen in the year ending March and was a weaker estimated range than the 6.8% -7.2% that private economists have guided for. The Reserve Bank of India is also more upbeat and forecasts growth of 7.2%.<\/p>\n<p>Growth forecasts come ahead of Prime Minister Narendra Modi&#8217;s budget. The newly elected Prime Minister is widely expected to lift tax receipts and use a $25 billion dividend from the central bank to ramp up spending amid concerns about uneven economic growth.<\/p>\n<p>Meanwhile, the report said that inflationary pressures had eased in line with the declining commodity prices and easing supply chain pressures.<\/p>\n<p>The US Dollar is falling across the board. The US Dollar Index, which measures the greenback versus a basket of major currencies, trades -0.1% at the time of writing at 104.30, after gains across the previous week.<\/p>\n<p>The US dollar is falling lower as the market digests the news that Biden will no longer be a candidate in the November presidential election.<\/p>\n<p>Over the weekend, Biden announced his decision to step down from the election race and endorsed his vice president, Kamala Harris, as the Democratic nominee.<\/p>\n<p>Support for Kamala Harris has been strong and it&#8217;s looking likely that she could win the nomination, although this won&#8217;t be known until later in August, creating some uncertainty.<\/p>\n<p>Kamala Harris is considered a tougher candidate against Trump in the elections but is still well behind him in the polls. Although three months is a long time in US politics, there is a lot of work to be done to boost her popularity before voting in the autumn.<\/p>\n<p>The market has had a mixed reaction to the news, with the dollar falling, unwinding some of the trump trade. The Trump trade helped lift the dollar by 0.3% last week as expectations of protectionist policies are likely to be inflationary.<\/p>\n<p>Looking ahead this week, US political developments will remain in focus, and core PCE on Friday, which could support the view that the Federal Reserve will cut rates.<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Indian Rupee (INR) rises from record low Indian GDP this fiscal quarter is forecast between 6.5% -7% US Dollar (USD) is falling against its peers Biden steps down from the election campaign The US Dollar Indian Rupee (USD\/INR) exchange rate is falling after gains last week. The pair rose 0.25% in the previous week, settling [&hellip;]<\/p>\n","protected":false},"author":163946598,"featured_media":47269,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1693,1381],"tags":[1666,1398,1862],"class_list":["post-118085","post","type-post","status-publish","format-standard","has-post-thumbnail","category-inr","category-usd","tag-inr","tag-usd","tag-usd-inr"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>USD\/INR: Rupee recovers from a record low, Biden exits the Presidential race - 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\/109179-usd-inr-rupee-recovers-from-a-record-low-biden-exits-the-presidential-race\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Ileana Ionescu\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/109179-usd-inr-rupee-recovers-from-a-record-low-biden-exits-the-presidential-race\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/109179-usd-inr-rupee-recovers-from-a-record-low-biden-exits-the-presidential-race\\\/\"},\"author\":{\"name\":\"Ileana Ionescu\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#\\\/schema\\\/person\\\/3d5cb0a6a22d357fc0b9ad562f35e75b\"},\"headline\":\"USD\\\/INR: Rupee recovers from a record low, Biden exits the Presidential race\",\"datePublished\":\"2024-07-22T22:15:02+00:00\",\"dateModified\":\"2024-07-22T22:16:44+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/109179-usd-inr-rupee-recovers-from-a-record-low-biden-exits-the-presidential-race\\\/\"},\"wordCount\":457,\"image\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/109179-usd-inr-rupee-recovers-from-a-record-low-biden-exits-the-presidential-race\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/currencylive.com\\\/news\\\/wp-content\\\/uploads\\\/2019\\\/10\\\/indian-rupee-money.jpg\",\"keywords\":[\"inr\",\"usd\",\"usd\\\/inr\"],\"articleSection\":[\"INR\",\"USD\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2024\",\"copyrightHolder\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/109179-usd-inr-rupee-recovers-from-a-record-low-biden-exits-the-presidential-race\\\/\",\"url\":\"https:\\\/\\\/currencylive.com\\\/news\\\/109179-usd-inr-rupee-recovers-from-a-record-low-biden-exits-the-presidential-race\\\/\",\"name\":\"USD\\\/INR: Rupee recovers from a record low, Biden exits the Presidential race - 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