India markets jump, rupee falls to record low in morning trade on impending US Election results- The Week

The Indian rupee fell to an all-time low of 84.195 versus the US dollar, inching down 0.1 per cent from Tuesday’s close as other Asian currencies got pummeled. The rupee muted response could be the Reserve Bank of India possibly selling dollars. Sensex and Nifty both gained in Wednesday morning trade, with markets betting on an impeding Trump win.

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The Malaysian ringgit, Thai baht, Korean won, and even the Chinese yuan fell by more than 1 per cent, in morning trade with Trump projected to win more battleground states in a tight US Presidential elections.

During the Republican campaign, Trump did invoke India charging high tariffs and hinted at a possible rebuttal. He has only assured at least a 10 per cent tariff imposition on all imports, and much higher on imports from China.