Indian rupee fell and bond yield rose in the afternoon trade as voting trends showed that Congress party-led INDIA alliance is putting up a close fight to BJP-led NDA in the elections.
At 12:00 PM, Indian rupee fell 36 paise to 83.5075 against the US dollar, as compared to 83.25 against the greenback at open. Indian rupee opened almost 10 paise down from previous close.
Similarly, the 10-year benchmark bond 7.10 percent 2034 which opened flat today at 6.948 percent, jumped to 7.0564 percent at 12:00 PM, as compared to 6.944 percent closed on the previous trading session.
“As INDIA alliance does well in the elections, rupee fell to 83.43 in the early election trends as equity market fell off from where they gained yesterday. The final tally should come by afternoon when a more clear picture will emerge,” said Anil Kumar Bhansali, Head of Treasury and Executive Director of Finrex Advisors LLP.
According to the Election Commission of India’s (ECI) website, Bharatiya Janata Party (BJP) is leading on 235 seats and won 1 seat. Indian National Congress (INC) is leading on 95 seats.
Further, Samajwadi Party is leading on 36 seats, as per ECI data.
Shiv Sena (Uddhav Balasaheb Thackrey) is leading on 11 seats, and Nationalist Congress Party – Sharadchandra Pawar is leading on 8 seats.
On Monday, Indian bonds and rupee saw an improvement in the early trade after the exit polls showed National Democratic Alliance (NDA) getting seats over majority.
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