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Hopes for Reforms from New Government Boost Indian Rupee

May 16, 2014 at 10:40 by Vladimir Vyun

2 banknotes of 20 rupees eachThe optimism about the election results in India continued to support the rupee, making the currency rally today. The currency has risen 2 percent over the week, demonstrating the biggest advance since September.

The results of the vote will be announced today, but for now all the signs show that the opposition Bharatiya Janata Party should have a landslide victory. The index of local shared jumped 5.2 percent, the biggest gain in five years, to the all-time high. The rupee rallied as a result, though there are rumors that the central bank intervened to prevent excessive volatility and limit gains.

USD/INR went down from 59.4500 to 58.9500 as of 10:40 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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