SINGAPORE The Indian rupee rose in non-deliverable forwards trading on Monday, after Prime Minister Narendra Modi's party won a landslide victory in an important battleground state.
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 percent in one-month non-deliverable forwards (NDFs) trading to 66.35 per U.S. dollar. (Reporting by Masayuki Kitano; Editing by Stephen Coates)
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Updated Date: Mar 13, 2017 09:55 AM