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Indian Rupee Rises as Elections Come Closer

May 6, 2014 at 17:43 by Vladimir Vyun

Many INR billsThe Indian rupee advanced today amid speculations that the upcoming elections will bring positive changes that will revive the nation’s economy and make it more attractive for investors.

Opinion polls suggest that the main opposition Bharatiya Janata Party may win the elections, which will be held on May 16. There are hopes that such outcome will improve the political and economic climate in the country. The rupee rallied on this outlook, as well as on the general risk-positive market sentiment. The currency was struggling to rally yesterday as the traders’ mood was much worse.

USD/INR went down from 60.2200 to 59.8900 as of 17:44 GMT today.

If you have any questions, comments, or opinions regarding the Indian Rupee, feel free to post them using the commentary form below.

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