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country with a trade surplus of $31.9 billion for January. On Thursday, an opinion poll showed that a BJP-led coalition would win 227 seats in the upcoming general elections.
Apart from this, analysts feel the rupee’s stability amid decline in emerging market currencies shows that the fundamentals are strong. “The INR has held up comparatively well in recent weeks, despite the weakness seen by other EM current account deficit currencies. It is an encouraging sign that the INR’s vulnerability to contagion has fallen from last year and we maintain our year-end USD-INR forecast of 62. The reasons include India’s improving current account position, tighter monetary policy and proactive measures to increase FX cover,” said HSBC in a research note on Friday.