Rupee NDFs rise after Modi's win in UP Assembly elections 2017

The rupee gained 0.5% in one-month non-deliverable forwards trading to 66.35 per dollar

The Indian rupee rose in non-deliverable forwards trading on Monday, after Prime Minister Narendra Modi's Bharatiya Janata Party won a landslide victory in the important battleground state of Uttar Pradesh.

Modi's victory in the UP Assembly elections 2017 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.