USD/INR SETTLES HIGHER NEAR 83.70 AMID FIRM US DOLLAR
- USD/INR concludes the week on a promising note as US Dollar extends its upside.
- The expectations for Donald Trump winning US presidential elections have increased.
- Union Budget on July 23 will be the next trigger for the Indian Rupee.
The USD/INR pair closes the week on a positive note near 83.70 on Friday. The asset strengthens as the US Dollar (USD) extends its recovery. The US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, recovers further to near 104.40.
The US Dollar rises as its safe-haven appeal improves amid growing speculation that Republicans will defeat Democratics in United States (US) presidential elections, scheduled for later this year. The expectations for Donald Trump winning elections rose after an assassination attack on him. Also, discussions that US President Joe Biden could drop his re-election bid due to medical conditions has prompted expectations of Trump coming out victorious.
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