The India rupee edged higher against the world's reserve currency on Tuesday, pushing up as confidence spread about voters propelling members of the opposition party into office, according to Bloomberg.
The Bharatiya Janata Party and its allies likely captured as many as 340 seats in the national election whose results will be released on Friday. Concerns about corruption and the reduced pace of growth and development in India turned voters against the ruling Congress party, according to polls.
The subcontinent saw a record turnout for this year's vote, which entailed nine components that closed on Monday. Nearly two-of-three registered voters cast ballots during this year's election.
The rupee rose roughly 0.5 percent against the U.S. dollar on Tuesday. The rupee notched its highest value since July of last year during the Monday trade session.
Narendra Modi is the likely next prime minister of the subcontinent, Time Magazine reports. The 66 percent voter turnout trumps election returns from the contest in 1984-1985 when 64 percent of eligible voters cast ballots in the national election following the assassination of Prime Minister Indira Gandhi.
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