Rupee NDFs rise after Modi’s win in UP

Mumbai: The Indian rupee increased in non-deliverable forwards trading on Monday, after Prime Minister Narendra Modi’s party won a descent victory in a major battleground state.

Modi’s achievement in Uttar Pradesh strengthens his claim to a second term in national elections in 2019 and is seen as a support of his financial change agenda.

The rupee increased around 0.5 percent in one-month non-deliverable forwards (NDFs) trading to 66.35 per U.S. dollar.