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Rupee Non-Deliverable Forwards Rise After PM Modi's Win In Uttar Pradesh

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Rupee Non-Deliverable Forwards Rise After PM Modi's Win In Uttar Pradesh

PM Modi's victory in UP is seen as an endorsement of his economic reform agenda.

Singapore: The rupee rose in non-deliverable forwards trading on Monday, after Prime Minister Narendra Modi's Bharatiya Janata Party (BJP) won a landslide victory in an important battleground state.

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PM Modi's victory in Uttar Pradesh strengthens his claim to a second term in national elections in 2019, and is seen as an endorsement of his economic reform agenda.

The rupee gained around 0.5 per cent in one-month non-deliverable forwards (NDFs) trading to 66.35 per US dollar.
© Thomson Reuters 2017


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