US Election 2024: The Indian rupee has hit an all-time low of 84.3650 against the US dollar on Thursday, November 7. This was driven by the expectations that Donald Trump’s victory will strengthen the dollar in the coming months, said a Reuters report.
Indian bond markets held steady, with the 10-year benchmark bond trading at 99.9875 rupees and its yield edging lower to 6.7906%, as investors anxiously await the Federal Reserve’s interest rate decision. Notably, Donald Trump’s trade policies, in the past, had a strengthening effect on the US dollar. This leads to the fall in the value of Indian rupee. This also means that the capital will flow to the countries with a strong currency. When capital flows to areas with strong currencies, it can spell trouble for countries like India with weaker currencies.
Meanwhile, the benchmark Indian Benchmark indices, Sensex and Nifty50 are also trading in red on Thursday.
US Presidential Election 2024
Donald Trump secured a decisive victory in the 2024 US presidential election, garnering 295 Electoral College votes. His Democratic opponent, Kamala Harris, trailed behind with 226 votes. This significant margin underscores Trump’s strong performance in the election. Donald Trump’s re-election victory makes him the second Republican president in the last two decades to secure a second term, following in the footsteps of George W. Bush, who served from 2001 to 2009.
Kamala Harris acknowledged her loss in the early morning hours, delivering a heartfelt speech. While conceding the election, she declared that she hasn’t given up on the core principles and values that drove her campaign. Harris vowed to continue to fight for what she believes in.
Meanwhile, the world leaders, including the Indian Prime Minister Narendra Modi, poured in the best wishes to the President-elect of the US.
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