{"id":100889,"date":"2020-06-05T07:12:21","date_gmt":"2020-06-05T11:12:21","guid":{"rendered":"https:\/\/currencylive.com\/news\/?p=100889"},"modified":"2020-06-05T08:23:16","modified_gmt":"2020-06-05T12:23:16","slug":"103357-usd-inr-rupee-declines-as-consumer-confidence-slumps-to-record-low","status":"publish","type":"post","link":"https:\/\/currencylive.com\/news\/103357-usd-inr-rupee-declines-as-consumer-confidence-slumps-to-record-low\/","title":{"rendered":"USD\/INR: Rupee Declines As Consumer Confidence Slumps To Record Low"},"content":{"rendered":"<ul>\n<li><strong>Indian consumer confidence hits all time low<\/strong><\/li>\n<li><strong>According to SBI GDP could contract at record pace of -1.5% this fiscal year<\/strong><\/li>\n<li><strong>US jobs report expected to reveal 8 million job losses in May<\/strong><\/li>\n<li><strong>At 11:30 UTC, <a href=\"https:\/\/currencylive.com\/exchange-rate\/usd-to-inr-exchange-rate-today\/\">USD\/INR<\/a> trades +0.3% at 75.65<\/strong><\/li>\n<\/ul>\n<p>The <a href=\"https:\/\/currencylive.com\/news\/currency\/inr\/\">Indian Rupee<\/a> is ignoring the risk on sentiment in the broader market and is heading lower on Friday, extending losses from the previous session. The Rupee settled on Thursday -0.18% at 75.45.<\/p>\n<p>At 11:30 UTC USD\/INR is trading +0.3% at 75.65 as Indian consumer confidence collapses. The pair has traded within a narrow range across the week and is set to conclude the week at approximately the same level that it started the week.<\/p>\n<div class=\"su-button-center\"><a href=\"https:\/\/currencylive.com\/exchange-rate\/usd-to-inr-exchange-rate-today\/\" class=\"su-button su-button-style-flat button-internalbutton\" style=\"color:#ffffff;background-color:#f92658;border-color:#c81f47;border-radius:5px\" target=\"_self\"><span style=\"color:#ffffff;padding:0px 22px;font-size:17px;line-height:34px;border-color:#fb688b;border-radius:5px;text-shadow:none\"> Check real time USD to INR exchange rate<\/span><\/a><\/div>\n<p>The Rupee is slipping as data revealed that consumer morale, in India, touched a historic low of 63.7% in May, down from 85.6% in March. Confidence has collapsed amid the on-gong coronavirus lock down which brought the Indian economy to a standstill.<\/p>\n<p>According to a report by the Reserve Bank of India, the economic paralysis brought on by lockdown could result in the Indian economy contracting by -1.5% this fiscal year. This would be the worst recorded performance on record.<\/p>\n<p>The US Dollar is trading broadly lower versus its peers, as investors remain optimistic, focusing on economic reopenings. Elevated risk sentiment is hitting demand for the traditional safe haven currency.<\/p>\n<p>Attention will now turn to the release of the US Labour Department&#8217;s non-farm payroll jobs report. It comes at a time when investors are showing an extraordinary ability to shrug off astonishingly bad numbers.<\/p>\n<p>Analysts are expecting 8 million jobs to have been lost across the month of May. A truly awful number. However, it is a vast improvement on the 25 million jobs lost in April. The unemployment rate is expected to jump to 19.5%, up from April\u2019s 14.7%, a level last seen in the Great Depression of the 1930\u2019s.<\/p>\n<p>There is a possibility that the data could beat forecasts. \u00a0The ADP private payroll report is considered a lead indicator for the non-farm payroll. The ADP report smashed expectations recording 2.7 million job losses against the 9 million forecast. However, even if the data surprises to the downside, there is a good chance that investors will shrug it off, as they have done with disappointing numbers across recent weeks.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Indian consumer confidence hits all time low According to SBI GDP could contract at record pace of -1.5% this fiscal year US jobs report expected to reveal 8 million job losses in May At 11:30 UTC, USD\/INR trades +0.3% at 75.65 The Indian Rupee is ignoring the risk on sentiment in the broader market and [&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":[1435,1655,1666,1493,1397,1398],"class_list":{"0":"post-100889","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-inr","8":"category-usd","9":"tag-consumer-confidence","10":"tag-indian-rupee","11":"tag-inr","12":"tag-nfp","13":"tag-us-dollar","14":"tag-usd"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - 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