INSUBCONTINENT EXCLUSIVE:
The rupee gained as much as 0.4 per centto touch a session high of 69.74 against the dollar.The rupee strengthened on Friday and is set for
its first weekly gain in three after Prime Minister Narendra Modi's ruling coalition scored a massive election win and supported by a
decline in the crude oil price.The weaker oil prices helped currencies of major net importers of the commodity, such as India and Thailand,
war.In India, PM Modi's thumping win puts his party on course to increase its majority on a mandate of business-friendly policies and
session peak of 69.38 when initial leads suggested a facile victory for PM Modi's coalition, in line with most of the exit polls.Morgan
Stanley analysts said foreign flows will likely accelerate after the electoral verdict."We expect the Reserve Bank of India to buy forex at
every opportunity to recoup forex reserves with most balance of payments indicators slipping towards 2013 levels
High political stability also opens the scope for raising forex reserves via sovereign forex bonds," said Bank of America Merrill Lynch
analysts in a note.Oil declined about 5 per cent as trade tensions dampened the demand outlook, putting the crude benchmarks near their
biggest daily drop in six months and on course for their steepest weekly fall in 2019.The Thai baht appreciated up to 0.4 per cent, its
biggest intraday gain in over a week, but is set to decline about 0.6 per cent for the week.Investors in most other Asian units refrained
from making big bets as the global sentiment remained negative with Beijing and Washington trading barbs about the ongoing trade dispute.US
President Donald Trump on Thursday called Huawei Technologies Co Ltd "very dangerous" after effectively banning American firms from doing
business with the Chinese telecommunications giant on national security grounds.Also, no high-level talks have been scheduled between the US
and China since the last round of negotiations ended in Washington two weeks ago.The Chinese yuan, Indonesian rupiah, the Malaysian ringgit,
the Singapore dollar, the Taiwan dollar and the Korean won traded in a tight range.The Taiwan dollar is set to become the worst regional
performer during the week, shedding as much as 0.8 per cent.Data earlier in the week showed Taiwan's export orders contracted for a sixth
straight month in April as slowing global tech demand continued to hurt the island's trade-reliant economy.Taiwan's high-tech factories
are major suppliers for global tech heavyweights and the continued weakness in orders suggests global electronic demand will remain soft for
some time.Another unit that came under pressure this week is the ringgit, which is on course for a 0.4 per cent fall for its ninth straight
weekly loss.Malaysia's consumer price index rose 0.2 per cent in April from a year earlier, matching the pace in March, government data
showed on Friday.Earlier this month, Malaysia's central bank cut its key interest rate for the first time since 2016, amid weak inflation
slated to snap a run of four successive weekly losses with a 0.8 per cent gain.Investors bet most Asian currencies will come under further
long-awaited trade deal between the countries, the mood across markets have been apprehensive with investors shifting money to safer
bets.Election Results for Lok Sabha Election 2019 will be out on May 23
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