The Indian rupee pushed to its top value in about five weeks against the world's reserve currency on Thursday as exit polls strengthened the political prospects of an opposition party in the subcontinent, according to Bloomberg.
Polls showed the Bharatiya Janata Party (BJP) is launching strong challenges to Congress, two states' top elected slots, and seats in Delhi. Prime minister candidate Narenda Modi has served as chief minister of Gujarat state since 2001, since when he has led average yearly growth of 10 percent while pulling in investment money.
"Markets have already been performing well in India on the back of the notion that a BJP government will move forward more aggressively with investment in energy, infrastructure and overall capex," currency strategist Sacha Tihanyi with Scotiabank in Hong Kong told The Economic Times regarding the likelihood of the BJP prevailing.
The rupee rose roughly 0.7 percent against the greenback on Thursday after surging to its top rate against its rival since the final day of October.
India is set to conduct its national election in May of next year, The Economic Times reports.
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