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.
The StoneX Group Inc. group of companies provides financial services worldwide through its subsidiaries, including physical commodities, securities, exchange-traded and over-the-counter derivatives, risk management, global payments and foreign exchange products in accordance with applicable law in the jurisdictions where services are provided. References to over-the-counter (“OTC”) products or swaps are made on behalf of StoneX Markets LLC (“SXM”), a member of the National Futures Association (“NFA”) and provisionally registered with the U.S. Commodity Futures Trading Commission (“CFTC”) as a swap dealer. SXM’s products are designed only for individuals or firms who qualify under CFTC rules as an ‘Eligible Contract Participant’ (“ECP”) and who have been accepted as customers of SXM. StoneX Financial Inc. (“SFI”) is a member of FINRA/NFA/SIPC and registered with the MSRB. SFI does business as Daniels Trading/Top Third/Futures Online. SFI is registered with the U.S. Securities and Exchange Commission (“SEC”) as a Broker-Dealer and with the CFTC as a Futures Commission Merchant and Commodity Trading Adviser. References to securities trading are made on behalf of the BD Division of SFI and are intended only for an audience of institutional clients as defined by FINRA Rule 4512(c). References to exchange-traded futures and options are made on behalf of the FCM Division of SFI.
Trading swaps and over-the-counter derivatives, exchange-traded derivatives and options and securities involves substantial risk and is not suitable for all investors. The information herein is not a recommendation to trade nor investment research or an offer to buy or sell any derivative or security. It does not take into account your particular investment objectives, financial situation or needs and does not create a binding obligation on any of the StoneX group of companies to enter into any transaction with you. You are advised to perform an independent investigation of any transaction to determine whether any transaction is suitable for you. No part of this material may be copied, photocopied or duplicated in any form by any means or redistributed without the prior written consent of StoneX Group Inc.
© 2021 StoneX Group Inc. All Rights Reserved