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Friday's non-farm payroll report, coupled with current government's setback in Bihar election has seriously unsettled Rupee, which is back trading close to its all-time low against Dollar. Rupee in the spot market is currently quoting 66.44 per Dollar, compared to Friday's close of 65.76 per Dollar during Indian hours.
Taking from the spot market, after payroll data INR was down 37 paisa against Dollar and closed at 66.13 per Dollar. After Bihar election over the weekend, INR opened down another 37 paisa at 66.5 per Dollar.
Current BJP government, led by Prime Minster Narenda Modi, was aspiring to form in Bihar's 243 members' parliament, which would have given the government greater power in the upper house, where it lacks majority. Instead the party is set to win only 58 of the seats, while opposition local JDU alliance is about to win 178 seats and form government.
Investors are clearly worried that with US rate hike in December, would increase pressure on heavily indebted Indian corporates, sitting on a pile of Dollar loans.
On the other hand, a defeat in Bihar means, reforms pursued by the government might have to wait for longer.
