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Rupee NDFs Rise After Modi's Win in Uttar Pradesh

The Indian rupee rose in non-deliverable forwards trading on Monday, after Prime Minister Narendra Modi's party won a landslide victory in an important battleground state.

Reuters

Updated:March 13, 2017, 10:50 AM IST
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Rupee NDFs Rise After Modi's Win in Uttar Pradesh
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Singapore: The Indian rupee rose in non-deliverable forwards trading on Monday, after Prime Minister Narendra Modi's party won a landslide victory in an important battleground state.

Modi's victory in Uttar Pradesh strengthens his claim to a second term in national elections in 2019, and is seen as an endorsement of his economic reform agenda.

The rupee gained around 0.5 percent in one-month non-deliverable forwards (NDFs) trading to 66.35 per U.S. dollar.

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