India's rupee is stronger at 61.95 versus its Monday close of 62.14 to the U.S. dollar as stocks recover from yesterday's 1.7% slump--triggered by an expected loss for the ruling BJP party in the state elections in Delhi. The rupee may add to gains in the days ahead if USD/INR closes Tuesday below 61.98 and thus out of the daily Bollinger uptrend channel. From there, USD/INR could slide further to the entrance of the Bollinger downtrend channel at 61.50 - implying an even stronger rupee versus the U.S. dollar. The Delhi state election--which might be the first state lost since the ruling BJP party came to power--is being seen as a referendum for Prime Minister Modi's policies and performance thus far. (ewen.chew@wsj.com)
(END) Dow Jones Newswires
February 09, 2015 23:41 ET (04:41 GMT)
Description: India Rupee Up as Stocks Recover 0.6%; Delhi Poll Results Awaited -- Market Talk
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ItemReviewed: India Rupee Up as Stocks Recover 0.6%; Delhi Poll Results Awaited -- Market Talk
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ItemReviewed: India Rupee Up as Stocks Recover 0.6%; Delhi Poll Results Awaited -- Market Talk
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