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Indian rupee surges on exit polls showing easy win for ruling party

prasad1

Well-known member
The Indian rupee on Monday strengthened over 1 percent after exit polls suggested the country's just-concluded general election will give a fresh mandate to the coalition led by Prime Minister Narendra Modi.

Modi is likely to return to power with an even bigger majority in parliament after a mammoth election that ended on Sunday, the exit polls showed, a far better showing than expected in recent weeks.

The rupee put on as much as 1.2% to 69.36 against the dollar, its best intraday percentage gain since Dec. 18.
Rushabh Maru, currency and commodity analyst with Anand Rathi Shares and Stock Brokers, said most exit polls have projected a "thumping majority" for the ruling government.

"This ensures policy continuity and required stability. Hence it will attract long term investors," he said.
Votes will be counted on Thursday.

If the outcome matches the exit polls, "then the rupee may head towards 68 levels in coming sessions," added Maru.
The rupee, which was under continual pressure in 2018 due to higher oil prices and global risks, has gained about 0.3 percent against the dollar this year.


 

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