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Election begins, RBI intervention, Middle East tensions

India's mammoth general election has just kicked off. Results will be announced on 4th June and as things stand, PM Modi’s BJP looks on course for another big win. Meanwhile, the rupee fell to a record low against the US dollar this week, and we have tweaked our forecast for end-2024. But the big picture is that we still expect the rupee to strengthen a bit in the second half of the year.

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