Published on 13/03/2017 10:05:20 AM | Source: Reuters

Rupee NDFs rise after Narendra Modi's win in India's biggest state

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)