It lost about 1 percent against the dollar last month due to a significant surge in fuel prices - India's largest import - and a strengthening U.S. currency. The result, due on May 23, will decide who governs the world's biggest democracy for the next five years. Other analysts point to a surge in the price of oil, India's biggest import, as a potential threat to the rupee given the wide trade deficit. Denominated in dollars, when the dollar rises, it means more rupees have to change hands to pay for the oil India needs. Oil prices have jumped over 30 percent this year and are expected to remain elevated over the coming year, a separate Reuters poll showed.

Source: Mint May 03, 2019 04:30 UTC