FXstreet.com (San Francisco) - USD/INR is likely to operate in consolidation mode as investors focus on the outcome of Presidential elections today, after the pairing climbed to its highest level this week on Wednesday, reaching 55.54 before closing at 55.31 from 55.05.
Polls show UPA candidate Pranab Mukherjee is expected to secure around 7.5 lakh electoral college votes, against just three lakh for his rival PA Sangma, enough to be elected President of India.
Local stocks are boosted on market hopes for reforms from a new President. Indian stocks surged the most in a week amid optimism the government will announce measures to boost growth, as the Sensex finished +0.47% overnight.
At the time of writing, the pairing trades at 55.18 from 55.31. Government data showed on Friday that India's Industrial consumer price index (CPI) rose 10.16% in the year to May, slower than the 10.22% rise in April; high CPI was another factor that pushed the rupee lower, according to analysts.
Polls show UPA candidate Pranab Mukherjee is expected to secure around 7.5 lakh electoral college votes, against just three lakh for his rival PA Sangma, enough to be elected President of India.
Local stocks are boosted on market hopes for reforms from a new President. Indian stocks surged the most in a week amid optimism the government will announce measures to boost growth, as the Sensex finished +0.47% overnight.
At the time of writing, the pairing trades at 55.18 from 55.31. Government data showed on Friday that India's Industrial consumer price index (CPI) rose 10.16% in the year to May, slower than the 10.22% rise in April; high CPI was another factor that pushed the rupee lower, according to analysts.
