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Microsoft announced today that the Lumia 530 and 530 Dual SIM will be available starting in August, refreshing the low-end handsets in its Lumia Windows Phone lineup.

The phone sports a 1.2 GHz, quad-core Qualcomm Snapdragon 200 processor with 512 MB of RAM and 4 GB of internal storage. The phone also sports a memory card slot, so people can add up to 128 GB of additional storage with a MicroSD card. Here’s a video that shows off the 530’s capabilities in detail:

The phone comes with Windows Phone 8.1 pre-installed, which means that users will have immediate access to new features including the new Word Flow keyboard and Cortana, Microsoft’s digital assistant.

Nokia-Lumia-530-power-jpgThe phone also comes with a budget price tag: Microsoft said that it expects the phone to retail for 85 euros (about $114) before taxes and subsidies, which would make it an attractive option to budget-conscious consumers. The phone is slated to launch in “select markets” this August, and will roll out globally. T-Mobile announced today that it will be one of the carriers offering the 530, which will replace the venerable 521 in the un-carrier’s product lineup.

Microsoft’s Windows Phone line needs a boost. The company, which acquired Nokia’s smartphone business for $7.2 billion said in its earnings report yesterday that it sold 5.8 million Lumia-branded Windows Phones, down from 7.4 million in the same quarter last year.

In my brief hands-on time with the 530 at a preview event earlier this year, I found the phone to be perfectly capable when it came to basic tasks like web browsing and switching between apps. It didn’t feel sluggish or underpowered, though people running workloads that ask a lot of their smartphone would probably be better off picking up one of Microsoft’s more powerful handsets.

In addition to the launch of the 530, Microsoft has also made pre-orders available for the Lumia 635 through its online retail store. It’s the 530’s larger sibling, and sports twice the on-board storage, along with a 4.5-inch screen. What’s more, an off-contract version of the phone that runs on AT&T’s network only costs $99.

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