March 13, 2017 / 4:27 AM / 5 months ago

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

A man exchanging currency counts 100 rupee notes along a roadside in Kolkata August 30, 2013.Rupak De Chowdhuri/Files

SINGAPORE (Reuters) - 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

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