Elections offer reality check for rupee, rupiah

After a surprisingly strong start to 2014, the elections in India and Indonesia have seen both currencies return to poor form.

It was all going so well.

But after a surprisingly strong start to 2014, the rupee and rupiah have returned to weak form this week amid elections in India and Indonesia.

After early counting, Indonesia’s rupiah on Monday hit a six-week low on concerns that the next government would be fragmented.

For India, meanwhile, Monday brought with it the rupee’s biggest one-day fall in more than a month as voting continued in the country's eye-wateringly long election process.

On Tuesday, both weakened further the rupee by 0.29% to around 60.76 against the dollar, the rupiah by 0.66% to around 11,521.

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