As the nation votes to elect the next parliament, the Indian Rupee which is already down about 1% this year, is forecasted to drop nearly 2% by May-end, signifying that the upcoming elections are a clear risk to the economy. With the amount of money spent on holding a general election, the downfall of rupee comes as another significant hit to the Indian economy.
The Indian currency’s feeble start to 2019 provides a hint of how it will perform in the upcoming year, a Reuters poll confirmed, citing precariousness regarding general elections and a potential trade war with the U.S. Last year in October, the currency dropped around 10% and hit an all-time low of 70.40 against a dollar, validating its worst performance since 2013. The performance is driven by a sell-off in emerging markets and a widening fiscal deficit as oil prices rose.
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