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Rupee falls most in over a year as vote count shows narrower win for Modi-led alliance

VCCircle · 1y

The Indian rupee experienced its worst single-day percentage fall in over a year as vote counting indicated that Prime Minister Narendra Modi's alliance would win a narrower majority than expected. The rupee closed at 83.53 against the US dollar, down 0.47% for the day. The Reserve Bank of India is believed to have intervened to limit the decline. Indian equity indices also dropped, and bond yields rose on concerns over the election outcome and the potential impact on economic reforms.