The Indian rupee pushed toward month highs on Tuesday against the world's reserve currency as confidence spread about an opposition party prevailing against the ruling party once election results are released later this month, according to Bloomberg.
The Bharatiya Janata Party is gaining in prominence against the Congress Party, which is being hobbled by charges of corruption and a slower growth rate, opinion polls state. Election officials are set to release results of the races on May 16.
Polls have indicated that the BJP is likely to win over a growing number of official positions in ongoing elections. The party and its allied factions are poised to capture 275 of 543 parliamentary openings, representing an increase from previous polls that projected the alliance's likelihood of success at 272.
The rupee edged up about 0.1 percent against the U.S. dollar on Tuesday. The currency of the subcontinent was pushing toward the top value it achieved during the Monday trade session, which was its highest value since April 9.
Exporters reported stronger U.S. dollar sales and capital continued strong inflows into India, according to PTI.
Risk Disclosure
This material is conveyed as a solicitation for entering into a derivatives transaction.
This material has been prepared by a Daniels Trading broker who provides research market commentary and trade recommendations as part of his or her solicitation for accounts and solicitation for trades; however, Daniels Trading does not maintain a research department as defined in CFTC Rule 1.71. Daniels Trading, its principals, brokers and employees may trade in derivatives for their own accounts or for the accounts of others. Due to various factors (such as risk tolerance, margin requirements, trading objectives, short term vs. long term strategies, technical vs. fundamental market analysis, and other factors) such trading may result in the initiation or liquidation of positions that are different from or contrary to the opinions and recommendations contained therein.
Past performance is not necessarily indicative of future performance. The risk of loss in trading futures contracts or commodity options can be substantial, and therefore investors should understand the risks involved in taking leveraged positions and must assume responsibility for the risks associated with such investments and for their results.
Trade recommendations and profit/loss calculations may not include commissions and fees. Please consult your broker for details based on your trading arrangement and commission setup.
You should carefully consider whether such trading is suitable for you in light of your circumstances and financial resources. You should read the "risk disclosure" webpage accessed at www.DanielsTrading.com at the bottom of the homepage. Daniels Trading is not affiliated with nor does it endorse any third-party trading system, newsletter or other similar service. Daniels Trading does not guarantee or verify any performance claims made by such systems or service.
