{"id":117843,"date":"2024-06-04T22:46:39","date_gmt":"2024-06-04T21:46:39","guid":{"rendered":"https:\/\/currencylive.com\/news\/?p=117843"},"modified":"2024-06-06T22:14:15","modified_gmt":"2024-06-06T21:14:15","slug":"109109-usd-inr-rupee-falls-as-modis-majority-narrows","status":"publish","type":"post","link":"https:\/\/currencylive.com\/news\/109109-usd-inr-rupee-falls-as-modis-majority-narrows\/","title":{"rendered":"USD\/INR: Rupee falls as Modi\u2019s majority narrows"},"content":{"rendered":"<ul>\n<li><strong>Indian Rupee (INR) is falling sharply<\/strong><\/li>\n<li><strong>Election results point to a narrow Modi win<\/strong><\/li>\n<li><strong>US Dollar (USD) rises versus its major peers<\/strong><\/li>\n<li><strong>US jolts job openings fall<\/strong><\/li>\n<\/ul>\n<p>The US Dollar Indian Rupee (<a href=\"https:\/\/currencylive.com\/currency-converter\/\">USD\/INR<\/a>) exchange rate is rising after losses yesterday. The pair fell -0.4% in the previous session, settling on Monday at 83.18. At 19:00 UTC, USD\/INR trades +0.7% at 83.67 and trades in a range of 83.05 to 83.69.<\/p>\n<p>The Indian rupee has plunged after the election results showed that Indian Prime Minister Narendra Modi looks set to retain power as the head of the ruling coalition. However, his party lost its outright majority for the first time in a decade, defying expectations of a landslide majority.<\/p>\n<p>The slim victory raises concerns over policy agreement in the coming months and years ahead. Domestic equities were battered, with both the Sensex and the Nifty 50 seeing their worst daily performance in four years.<\/p>\n<p>The Nifty 50 fell 5.9%, and the Sensex closed 5.7% lower. The Rupee was also hit, falling against the US dollar.<\/p>\n<p>&nbsp;<\/p>\n<p>The US Dollar is rising across the board. The US Dollar Index, which measures the greenback versus a basket of major currencies, trades at +0.09% at the time of writing at 104.33 after three days of losses.<\/p>\n<p>As investors digest weaker-than-expected data, the US dollar is edging high after steep losses yesterday.<\/p>\n<p>Today&#8217;s Jolts job openings fell to the lowest level since February 2021, which suggests a softer labour market going forward.<\/p>\n<p>The data raised concerns once again that the US economy could be softening by more than expected. Data comes following manufacturing PMI data earlier in the week, which was also weaker than expected, showing a second straight month of contraction.<\/p>\n<p>Fears of an economic slowdown in the US have hurt risk sentiment, even if that means the Federal Reserve could cut interest rates sooner.<\/p>\n<p>Volatility indices picked up reflecting a degree of nervousness among traders. Classic safe havens such as bonds and the US dollar are in demand.<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Indian Rupee (INR) is falling sharply Election results point to a narrow Modi win US Dollar (USD) rises versus its major peers US jolts job openings fall The US Dollar Indian Rupee (USD\/INR) exchange rate is rising after losses yesterday. The pair fell -0.4% in the previous session, settling on Monday at 83.18. At 19:00 [&hellip;]<\/p>\n","protected":false},"author":163946598,"featured_media":82966,"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":{"0":"post-117843","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-inr","8":"category-usd","9":"tag-inr","10":"tag-usd","11":"tag-usd-inr"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>USD\/INR: Rupee falls as Modi\u2019s majority narrows - 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\/109109-usd-inr-rupee-falls-as-modis-majority-narrows\/\" \/>\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\\\/109109-usd-inr-rupee-falls-as-modis-majority-narrows\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/109109-usd-inr-rupee-falls-as-modis-majority-narrows\\\/\"},\"author\":{\"name\":\"Ileana Ionescu\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#\\\/schema\\\/person\\\/3d5cb0a6a22d357fc0b9ad562f35e75b\"},\"headline\":\"USD\\\/INR: Rupee falls as Modi\u2019s majority narrows\",\"datePublished\":\"2024-06-04T21:46:39+00:00\",\"dateModified\":\"2024-06-06T21:14:15+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/109109-usd-inr-rupee-falls-as-modis-majority-narrows\\\/\"},\"wordCount\":334,\"image\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/109109-usd-inr-rupee-falls-as-modis-majority-narrows\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/currencylive.com\\\/news\\\/wp-content\\\/uploads\\\/2019\\\/12\\\/inr-indian-rupee-exchange-rates-gbp.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\\\/109109-usd-inr-rupee-falls-as-modis-majority-narrows\\\/\",\"url\":\"https:\\\/\\\/currencylive.com\\\/news\\\/109109-usd-inr-rupee-falls-as-modis-majority-narrows\\\/\",\"name\":\"USD\\\/INR: Rupee falls as Modi\u2019s majority narrows - 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