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The Rupee could have a whopping day today (Thursday, May 23, 2019)

The Rupee tracking offshore rates, is likely to edge higher in early trade even as vote counting for the nation’s federal elections begin. Most exit polls released on Sunday indicated that Prime Minister Narendra Modi would win another term in office. According to an average of 10 exit polls, the Modi-led National Democratic Alliance would emerge victorious in more than 300 seats, comfortably above the required majority of 272 seats.

The rupee ended at 69.66 to the dollar. Counting for India’s general elections begun at 8 a.m. today. The BJP will extend its farm cash transfer scheme to more farmers before July, if it retains power, Gopal Krishna Agarwal, the national spokesman for economic affairs. About 40 million additional farmers are expected to benefit from the extended cash transfer scheme, “which will not result into a big burden for the government,” he added.

Following the exit polls, rupee and Indian equities jumped on Monday. If the results are in-line with the exit polls, Indian assets could witness another leg higher. Hong Kong paced losses in Asian equities after U.S. stocks on Wednesday declined for the third day in four sessions.

The Chinese yuan and the Malaysian ringgit paced losses in regional currencies. The government that takes over will present by July-end the full budget for the fiscal year started Apr. Meanwhile, U.S. Federal Reserve released the minutes of latest minutes yesterday where officials remained firmly committed to a "patient" policy stance. Members observed that rates likely will remain unchanged and a patient approach would be appropriate “for some time.