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.
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