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Scotiabank, in its latest research report, maintained a cautious stance over the INR exchange rate ahead of the upcoming state assembly elections and would like to buy USD/INR on dips to the 73 support.
The nation’s equity and bond outflows will likely continue weighing on the INR amid resilient oil prices. The INR has weakened markedly this month, with foreign investors pulling out USD 2.20bn and USD 1.08bn of funds from local equity and bond markets respectively.
The Election Commission of India, on October 6 announced the schedule for single phase assembly elections in Madhya Pradesh, Rajasthan, Telangana and Mizoram and two-phase polls for Chhattisgarh.
The counting for all the five states will be held on December 11. It will be a direct contest between the Congress and the BJP in Madhya Pradesh, Chhattisgarh and Rajasthan.
These three states are currently being ruled by the BJP that is trying for a fourth term in the first two states and managing to retain power in Rajasthan. In the 2014 General Elections, the BJP won 62 out of the 65 Lok Sabha seats in these three states.
