Indian Rupee Holds Steady as Modi’s Election Prospects Boost Confidence

The Indian Rupee closed at 83.1 against USD last week, representing a 0.1% decline. Data, once again, was very strong with Q1 GDP annualized growth at 7.8% being particularly eye catching. A slight dip in foreign exchange reserves meant the Rupee remained flat against a weaker dollar. All in all, however, another strong data set out of India. The Rupee looks set to stay on strong footing as Narendra Modi’s ruling party is predicted to win a decisive majority in parliament this week.