Rupee gains as exit polls signal strong BJP momentum

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 Rupee gains as exit polls signal strong BJP momentum
The rupee gained in trade as sentiments were boosted following hopes that the BJP could win in at least 3 out of 4 states as indicated by most exit polls.

A strong showing for the BJP when counting is held on Sunday would raise prospects of a Narendra Modi led BJP win in the next general elections to be held in 2014. This will buoy sentiments across equity and forex markets as Modi's development agenda is well received.

Today's strength in the rupee was despite weak sentiments across the globe, following a sell-off in equities on worries that the Fed may soon taper its QE3 programme.

The rupee is likely to take cues from around the globe as the state election results have now been discounted by the markets.

Crucial for the currency would be the US non farm payrolls data which would provide a clue as to whether the Fed would taper its QE3 programme in the months to come. Check currency rates here

Read more about: dollar
Story first published: Thursday, December 5, 2013, 9:53 [IST]
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