Monday, October 26, 2020
Home Economy and Finance Rupee continues to strengthen on expectations that Modi is going to form the government...

Rupee continues to strengthen on expectations that Modi is going to form the government again

The Rupee gained 0.823 percent against the dollar in intra-day trade on Monday, the steepest gain in the region. Moreover, year-to-date, the rupee has gained a remarkable 1.8 percent.

The Indian Rupee on Monday strengthened the most as compared to other major Asian currencies. It has hit an eight-and-a-half month high of 68.53 a dollar and has reached almost the same levels as that in the year 2012-13.

As per a report in Business Standard, Ritesh Bhansali, vice-president, Mecklai Financial said, “Rupee is appreciating because of strong portfolio inflow in March. Globally, stock markets are rallying too, and there is a feeling that Modi is going to form the government again after the Pulwama incident. That indicates political stability.”

As on date in March, the portfolio flow in equity has been over $3 billion. In debt also, the flow has been of more than $800 million. In fact, the Reserve bank of India’s proposal to swap $5 billion with banks has also been viewed positively by the markets.

The Rupee gained 0.823 percent against the dollar in intra-day trade on Monday, the steepest gain in the region. Moreover, year-to-date, the rupee has gained a remarkable 1.8 percent.

The month of March has witnessed the most robust Rupee performance since 2nd January 2019. According to reports, it’s the Modi appeal and the prospect of him coming back to power for a second term in the coming general elections which has resulted in an upward trend in the foreign inflows into Indian stock markets.

However, one of the other reason why the Rupee is appreciating against the Dollar is that the RBI has minimised its intervention in the currency markets.

Moreover, because the election results have a direct impact on share market performances in India since the opinion polls have shown increased prospect of NDA coming back to power, the Stock market has also been seeing a continuous upsurge.

Historically, though the India Sensex Stock Market Index reached an all-time high of 38896.63 in August of 2018, March 2019 has seen a continuous upward trend.

Screenshot of the Sensex graph from The Economic Times, showing an upward trend in March 2019

It was earlier reported that as per the latest tracker poll conducted by Times Now and VMR, Prime Minister Narendra Modi’s popularity among the electorate jumped seven percent in the aftermath of the Pulwama attack.

Meanwhile, the surging popularity of Modi led NDA government could also be seen as three opinion polls, published on March 11th, rejecting all previous predictions of a hung parliament, envisioned a clear majority of the NDA in the upcoming general elections.

  Support Us  

Whether NDTV or 'The Wire', they never have to worry about funds. In name of saving democracy, they get money from various sources. We need your support to fight them. Please contribute whatever you can afford

OpIndia Staffhttps://www.opindia.com
Staff reporter at OpIndia

Related Articles

Trending now

This time for Dussehra, feminists turn Laxman Rekha into a symbol of ‘patriarchy’: Here is why they are batshit crazy

The occasion is Dussehra and along expected lines, feminists are out in numbers in their attempt to prove that Ramayana, the tale of Maryada Purushottam Rama, reeks of misogyny.

‘What Mumbai Police is doing is wrong,’ I&B Minister Prakash Javadekar speaks up on the hounding of Republic TV and Arnab Goswami exclusively to...

Prakash Javadekar gave an interview to OpIndia Hindi Editor, Ajeet Bharti, where he answered questions on a host of issues.

How Indian ‘liberals’ decided to embrace Hindutva!

At his traditional Vijaya Dashami rally in Mumbai yesterday, Maharashtra CM Uddhav Thackeray put it clearly. One must take lessons in Hindutva from RSS chief Mohan Bhagwat.

Dainik Bhaskar uses NITian Anita Bharti’s image in an article about actress Preetika Chauhan’s arrest by NCB in drug case

Anita Bhati is a student of NIT Patna, who had recently started an online portal of 'TuOn', providing free coaching to students from 7th to 12th grade and those preparing for competitive exams

Editors Guild issues a shameful statement tacitly condoning witch-hunt against Republic TV and Arnab Goswami by Mumbai Police: Details

After almost two weeks of the witch-hunt launched by Mumbai Police against Republic TV and Arnab Goswami, the Editors Guild has finally issued a statement

The Ritika Jindal Syndrome: The desecration of the Temple in Himachal Pradesh shows the urgent necessity of reform in public administration

Ritika Jindal received huge praises for breaking an "age old parochial tradition". She also "taught lessons of equality to priests" apparently.

Recently Popular

Editors Guild issues a shameful statement tacitly condoning witch-hunt against Republic TV and Arnab Goswami by Mumbai Police: Details

After almost two weeks of the witch-hunt launched by Mumbai Police against Republic TV and Arnab Goswami, the Editors Guild has finally issued a statement

Kerala: Photographer Dia John depicts Hindu deity as smoking weed, deletes picture after outrage

Kochi-based Mukkootil Bhagavathy temple had filed a complaint against Dia John for hurting Hindu religious sentiments

‘He supplies drugs and girls’: Estranged wife of Mahesh Bhatt’s nephew Luviena Lodh alleges harassment by nephew-uncle duo

Luviena Lodh said that Mahesh Bhatt is the don of the industry, and he controls everything that goes on in the film industry

Maharashtra Police arrests Twitter user Sameet Thakkar over ‘Baby Penguin’ remark against Aaditya Thackeray

Twitter user Sameet Thakkar from Nagpur has been arrested for posting derogatory tweets against the Thackerays.

After Turkey President Erdogan says Macron ‘needs treatment’ over attitude to Muslims, Pakistanis trend #boycottfranceproducts on Twitter

Pakistani bots putting their weight behind Turkey president Erdogan's call of 'giving treatment' to French President Macron.
- Advertisement -

Pakistan: Foreign Office summons French ambassador over Charlie Hebdo cartoons

Foreign Office, Pakistan summoned the French envoy for the public display of Charlie Hebdo cartoons in French govt buildings.

Rajasthan: Dalit salesman burnt alive by liquor contractors after pouring petrol for demanding five months due salary

The victim used to work at a liquor shop and had not been paid salary for five months. His charred body was found inside a deep freezer in the gutted liquor shop.

Sameet Thakkar sent to police custody by Nagpur court till October 30, was arrested for making ‘Baby Penguin’ remark against Aaditya Thackeray

Two FIRs were registered against Sameet Thakkar for allegedly making objectionable remarks against Uddhav Thackeray and son.

BJP emerges victorious in Ladakh Autonomous Hill Development Council elections, wins 15 out of 26 seats

The BJP has won 15 of the 26 elected seats in the Ladakh Autonomous Hill Development Council (LAHDC).

This time for Dussehra, feminists turn Laxman Rekha into a symbol of ‘patriarchy’: Here is why they are batshit crazy

The occasion is Dussehra and along expected lines, feminists are out in numbers in their attempt to prove that Ramayana, the tale of Maryada Purushottam Rama, reeks of misogyny.

Republic TV and Maharashtra govt lock horns in Supreme Court: CJI asks both to submit affidavits in 2 weeks

Arnab Goswami and the Maharashtra government are at loggerheads since Republic Bharat questioned the silence of Sonia Gandhi in Palghar Sadhus' mob lynching case.

‘China’s world domination is imminent and Europe should wake up to this danger’: Former German spy chief cautions against Beijing

Gerhard Schindler, the former German spy chief, has asked European countries, particularly Germany, to reduce its "strategic dependence" on China

‘What Mumbai Police is doing is wrong,’ I&B Minister Prakash Javadekar speaks up on the hounding of Republic TV and Arnab Goswami exclusively to...

Prakash Javadekar gave an interview to OpIndia Hindi Editor, Ajeet Bharti, where he answered questions on a host of issues.

Chile to rewrite its Pinochet-era constitution, over 78% of Chileans vote ‘yes’ in the referendum

Over 78% Chileans have voted in favour of a new constitution, to be written by an 155-member elected body.

Mahesh Bhatt sues actress who had accused him of harassment, his nephew of selling drugs and human trafficking: Here are the details

Last week, Mahesh Bhatt legal team had issued a statement refuting her allegations and threatening her with legal action.

Connect with us

245,563FansLike
468,824FollowersFollow
19,300SubscribersSubscribe