{"id":118114,"date":"2024-07-27T08:42:09","date_gmt":"2024-07-27T07:42:09","guid":{"rendered":"https:\/\/currencylive.com\/news\/?p=118114"},"modified":"2024-07-27T08:42:26","modified_gmt":"2024-07-27T07:42:26","slug":"1-9187-usd-inr-rupee-inches-higher-as-rbi-reserves-rise-to-record-levels","status":"publish","type":"post","link":"https:\/\/currencylive.com\/news\/1-9187-usd-inr-rupee-inches-higher-as-rbi-reserves-rise-to-record-levels\/","title":{"rendered":"USD\/INR: Rupee inches higher as RBI reserves rise to record levels"},"content":{"rendered":"<ul>\n<li><strong>Indian Rupee (INR) is inching higher<\/strong><\/li>\n<li><strong>RBI reserves reach a record high<\/strong><\/li>\n<li><strong>US Dollar (USD) is falling against its peers<\/strong><\/li>\n<li><strong>Core PCE data remained at 2.6%<\/strong><\/li>\n<\/ul>\n<p>The US Dollar Indian Rupee (USD\/INR) exchange rate fell modestly after three days of gains. The pair rose 0.01% in the previous session, settling on Thursday at 83.72. At 19:00 UTC, USD\/INR trades -0.04% at 83.72 and is in a range of 83.76 to 83.77. The pair is on track to fall 0.03% this week after three weeks of gains.<\/p>\n<p>Indian foreign exchange reserves rose for a third consecutive week, reaching a record high of $670.86 billion as of July 19.<\/p>\n<p>The data from the Reserve Bank of India shows that reserves climbed by $4 billion in the relevant week after rising a total of $14.9 billion in the previous two weeks.<\/p>\n<p>Changes in foreign currency assets are caused by the Reserve Bank of India&#8217;s intervention in the FX market and the appreciation or depreciation of foreign assets held.<\/p>\n<p>Meanwhile, weaker oil prices have also been supporting the Rupee. Oil prices fell for a third straight week on concerns regarding the outlook for Chinese demand and optimism about a ceasefire in the Middle East in Gaza.<\/p>\n<p>&nbsp;<\/p>\n<p>The US Dollar fell across the board on Friday. The US Dollar Index, which measures the greenback versus a basket of major currencies, trades -0.04% at the time of writing at 104.33, after gains in the previous session.<\/p>\n<p>&nbsp;<\/p>\n<p>The US dollar fell on Friday as investors digested the latest core PCE data, the Federal Reserve&#8217;s preferred gauge of inflation.<\/p>\n<p>Core PCE was slightly stickier than expected at 2.6% year on year in July in June, unchanged from May and slightly higher than the 2.5% year-on-year increase that economists had forecast.<\/p>\n<p>On a monthly basis core PCE rose 0.2% month on month ahead of the 0.1% forecast.<\/p>\n<p>Meanwhile, the personal shopping gauge showed that spending held up in June, rising 0.2%, while May\u2019s personal spending was also upwardly revised. This points to encouraging signs that the Fed&#8217;s tighter monetary policy is working its way through the economy but not causing too much damage.<\/p>\n<p>The data comes ahead of next week&#8217;s FOMC meeting, at which the Fed is likely to signal a September rate cut.<\/p>\n<p>The market is pricing in several rate cuts before the end of the year with the first one expected in September and potentially another in November and or December.<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Indian Rupee (INR) is inching higher RBI reserves reach a record high US Dollar (USD) is falling against its peers Core PCE data remained at 2.6% The US Dollar Indian Rupee (USD\/INR) exchange rate fell modestly after three days of gains. The pair rose 0.01% in the previous session, settling on Thursday at 83.72. At [&hellip;]<\/p>\n","protected":false},"author":163946598,"featured_media":47178,"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-118114","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 inches higher as RBI reserves rise to record levels - 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\/1-9187-usd-inr-rupee-inches-higher-as-rbi-reserves-rise-to-record-levels\/\" \/>\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=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/1-9187-usd-inr-rupee-inches-higher-as-rbi-reserves-rise-to-record-levels\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/1-9187-usd-inr-rupee-inches-higher-as-rbi-reserves-rise-to-record-levels\\\/\"},\"author\":{\"name\":\"Ileana Ionescu\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#\\\/schema\\\/person\\\/3d5cb0a6a22d357fc0b9ad562f35e75b\"},\"headline\":\"USD\\\/INR: Rupee inches higher as RBI reserves rise to record levels\",\"datePublished\":\"2024-07-27T07:42:09+00:00\",\"dateModified\":\"2024-07-27T07:42:26+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/1-9187-usd-inr-rupee-inches-higher-as-rbi-reserves-rise-to-record-levels\\\/\"},\"wordCount\":404,\"image\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/1-9187-usd-inr-rupee-inches-higher-as-rbi-reserves-rise-to-record-levels\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/currencylive.com\\\/news\\\/wp-content\\\/uploads\\\/2019\\\/10\\\/indian-rupee-us-dollar.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\\\/1-9187-usd-inr-rupee-inches-higher-as-rbi-reserves-rise-to-record-levels\\\/\",\"url\":\"https:\\\/\\\/currencylive.com\\\/news\\\/1-9187-usd-inr-rupee-inches-higher-as-rbi-reserves-rise-to-record-levels\\\/\",\"name\":\"USD\\\/INR: Rupee inches higher as RBI reserves rise to record levels - 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